Being used to being tortured by A-shares, I always think about a question

The secondary markets in the US, South Korea, and Japan have been rising continuously
Those who bought at the bottom have sold high for profit
Those who bought in the middle have also gained
So who is losing money in the difference between low buy and high sell?
If the market keeps rising, it will impact the global currency system
It’s like printing and distributing money outside the wall continuously
While internally, they keep tightening and prevent external shocks