Who made money in this bull market when most sectors did not rotate and many investors missed out?

Who has made money in this bull market so far?

First of all, it’s definitely not VC. Most of the projects invested by VC haven’t started issuing coins yet. Even for those coins with high FDV and low circulation that are criticized by the community, although they appear to be several tens of times on paper, if there is no altcoin bull market coming next, when VC is unlocked, falling another 90% is not long.

It’s also not retail investors. Most retail investors speculate in memes, play with altcoins, open contracts, and make some money, but very few, similar to the probability of playing the lottery.

Observing, the following are the types that make money:

**1.Bitcoin holder。**Hold Bitcoin, and the whole world works for you. At this time last year 25000, now 65000, making a fortune. It’s quite certain that it will rise to 100000 within a year, but most people don’t care about this increase, so they can’t make money with BTC, which is reasonable.

2. Centralized Exchange. Exchanges have always been at the top of the crypto world food chain, and the entire crypto world is basically working for exchanges. Of course, working for an exchange also carries great risks, with no fixed place, floating overseas, with Salt City internally and the SEC externally. Risks are proportional to returns, which is reasonable.

3. Tether and other CeFi platforms. Tether made $4.7 billion in the first quarter, more than most exchanges. However, strictly speaking, this money is not earned from the crypto world. In addition, some financial service providers in the crypto world are also quietly making a lot of money, such as custody and asset management platforms, etc. They provide good services to the crypto world and make reasonable profits.

4. The operation teams of some public chain/DeFi products. The traffic of DeFi products such as Uniswap is actually very high, and the transaction fees have nothing to do with the holders of governance tokens, almost all of which go into the team’s pocket. This income is actually considerable. The Base team may have contributed tens of millions of dollars in transaction fee income through a product called Friendtech. The Tron public chain also makes a fortune from daily USDT transfers, with the majority also going into the team’s pocket. These projects do not rely on selling coins to retail investors by painting a rosy picture, but rather earn money by developing business, similar to traditional internet businesses. They are the hope of the crypto world and worthy of study by all project parties. Especially with MakerDAO as a model, Uni is also preparing to distribute dividends, which are the alpha of this bull run.

**5. The project parties with high market capitalization and the primary purpose of selling coins, if they have already been listed on CEX, have already made a lot of money in this round. They don’t need any income. For example, some ZK projects, after the airdrop, only have a few hundred daily active users on-chain, but it doesn’t affect their market capitalization of tens of billions. Market makers are happy to help the team sell coins. Similarly, some DeFi coins with high control of the market trend, and GameFi coins that are all studio-operated with few active users, are in similar situations. These crypto world parasites continue to suck blood in the crypto world. The manipulation teams behind these parasites are also accomplices who make money. It’s ridiculous that some people were still boasting on Twitter a while back about how much money the manipulation projects made, and such a spectacle is only found in the crypto world.

There are also some, such as quantitative teams, etc., to earn some hard-earned money, I won’t list them one by one. If anyone finds more, please reply to the message and let me envy.

However, through the above analysis, it can be considered to build a crypto world perpetual profit portfolio, mainly holding assets selected from 1-4, avoiding 5.