That affects all parties.
The underlying direction of travel is that at the bottom, there are no new Tory voters being created. And that isn't really going to change.
So you have a Tory party that doesn't know it lost 240 seats (let alone why) chasing an ever shrinking pool of voters over the next 4 years. Despite all the hyperbole (from Reform), Reform aren't going anywhere fast.
Which means if you want a long odds bet, put it on getting more LibDem MPs next election. At both parities expense.
If you are of a cruel nature, you could suggest that this is the LibDems payback for 2010-2015, and that maybe the Tories aren't quite as clever as they thought they were.
My DM always puzzled over how the Liberals faded as Labour rose in the 20s. Like a lot of people she was naturally a Liberal, but also a realist.