Who Profited from This Bull Market with No Sector Rotation and Many Missing Out

Source: Waterdrip
Who has made money in this bull market so far?
First of all, it’s definitely not the VCs. Most of the projects invested in by VCs have not even started issuing tokens yet. Even those coins with high FDV and low circulation that are being criticized by the community may seem to have multiplied on paper, but if a copycat bull market does not arrive next, when VCs unlock, a 90% drop is not out of the question.
Secondly, it’s not the retail investors either. Most retail investors are trading memes, playing with copycats, opening contracts, and while some have made money, it’s very few, almost like playing the lottery.
Observing closely, those who have made money fall into these categories:
1. Bitcoin holders. Holding Bitcoin means the world works for you. Last year at this time it was at 25,000, now it’s at 65,000, a huge profit. It’s almost certain that it will reach 100,000 within a year, but most people don’t pay attention to this increase, so they miss out on making money with BTC, which is understandable.
2. Centralized exchanges. Exchanges have always been at the top of the crypto food chain, and the entire crypto market is basically working with exchanges. Of course, running an exchange also carries huge risks, with no fixed abode, overseas risks, SEC oversight, risks and rewards go hand in hand, which is reasonable.
3. CeFi platforms like Tether. Tether made $4.7 billion in the first quarter, more than most exchanges. Strictly speaking, this money did not come from the crypto market. In addition, some crypto financial service providers have quietly made good profits, such as asset management platforms and so on. They provide good services to the crypto market and earn money reasonably.
4. Teams operating some public chains/DeFi products. DeFi products like Uniswap actually have a lot of traffic, and transaction fees have nothing to do with governance token holders, almost all go into the team’s pockets, which is actually quite substantial income. The Base team may have made millions of dollars in transaction fees contributed by Friendtech. The Tron public chain makes money hand over fist through daily USDT transfers, most of which also go into the team’s pockets. These projects do not rely on selling tokens to retail investors, but on developing their business to make money, which is similar to traditional internet businesses. They are the hope of the crypto market and worth learning from by all project teams. Especially with MakerDAO as a role model, Uni also has proposals to prepare for dividends, which are the Alpha of this bull market.
5. Coin projects with high market value whose main purpose is to sell coins. If they have already been listed on a CEX, they have already made a lot of money in this round. They don’t need any income, for example, some ZK projects, after the airdrop the on-chain daily active users are only in the two or three digits, but it doesn’t affect their market value of tens to hundreds of billions, and the market makers happily help the team sell coins. Similarly, some DeFi coins with high control and GameFi coins with hardly any active participants are in the same situation. These crypto market tumors continue to bleed the market. The manipulation teams behind these tumors are also accomplices who have made money. It’s ridiculous to see some people boasting on Twitter about how much money they’ve made from manipulating projects, a spectacle unique to the crypto market.
There are also some quantitative teams and so on that earn hard-earned money, but I won’t list them one by one. If anyone has more discoveries, feel free to reply to the comments and let me admire them.
However, through the analysis above, it is worth considering creating a crypto market portfolio that can earn forever, mainly by selecting targets from 1-4 and avoiding 5.