According to the Daily Planet, Ophelia Snyder, president of 21Shares, said that despite the huge success of Bitcoin (spot) ETFs this year, there is a huge gap between large issuers and other issuers, which may mean that the market size will shrink next year. Snyder believes that there will be at most three to five winners in this market. It will be a challenge for ETF issuers with smaller asset management to compete with the largest peers, especially those with more than $1 billion in assets under management. The market will eventually be attracted by product issuers that offer higher trading volumes and more liquidity, which will squeeze the living space of smaller issuers that cannot match them. Snyder pointed out: "If you can't reach $1 billion in assets under management quickly, you won't be able to survive in the end. It's inevitable that the (survival) space in this industry will be smaller next year."