According to Eric Balchunas, despite founder Jack Bogle's vision that Vanguard’s dominance would signal the end of their mission, Vanguard's market share has reached a new high at 28% as it turns 50 years old. For traders, this continued consolidation in traditional fund management could slow innovation in ETF structures, including spot Bitcoin and crypto ETFs, as larger players like Vanguard have historically been less aggressive in adopting crypto-linked products (Source: Eric Balchunas via Twitter, May 7, 2025). This environment may sustain a more cautious approach to crypto ETF launches, affecting liquidity and exposure options for crypto traders in the near term.