Analysis of Beneficiaries in the Current Bull Run

In this round of the cryptocurrency bull run, the group that is truly profiting may differ from common perception. Let's analyze which participants have actually gained substantial profits from this surge so far.

First of all, venture capital firms (VCs) are not the main beneficiaries. Most of the projects they invest in have not issued tokens yet. Even for those projects that are considered overvalued, the apparent increase may be substantial, but without a comprehensive altcoin bull run, there is a high possibility of a significant correction when the unlocking period arrives.

Secondly, retail investors are not the main profit group. Most retail investors tend to chase hot trends, such as meme coins, small-cap tokens, or high-leverage trading. Although a few may achieve high returns, the overall success rate is not much different from that of a lottery.

So, who are the real beneficiaries of this bull run? The following types of participants are worth paying attention to:

1. Bitcoin long-term holders: From about $25,000 last year to approximately $65,000 now, Bitcoin holders have achieved considerable returns. There is a high possibility of breaking $100,000 within the next year, but many investors may miss this opportunity because they feel the increase is not enough.

2. Centralized Trading Platforms: Exchanges have always been at the top of the cryptocurrency ecosystem, generating significant profits from the entire industry. However, operating an exchange also comes with substantial risks, such as regulatory pressure and geographical restrictions, with profits being proportional to risks.

3. Centralized financial service providers: Some stablecoin issuers and cryptocurrency financial service platforms have gained substantial profits during this bull run. They provide important services to the industry, and the profits are also relatively reasonable.

4. Some public chain and DeFi project teams: Some decentralized trading platforms and public chain projects have gained considerable income through transaction fees. These projects do not rely on token sales but instead profit by developing real businesses, which is closer to the traditional internet enterprise model and represents the future development direction of the industry.

5. High market cap projects that have launched on major trading platforms: Some projects, although their actual application value is limited, have gained enormous profits through token sales. Such projects may negatively impact the long-term development of the industry.

In addition, there are some quantitative trading teams and other participants who have also gained certain profits in this bull run.

Based on the above analysis, investors may consider building a long-term stable cryptocurrency portfolio, primarily focusing on projects related to the top four categories of beneficiaries, while being cautious about projects in the fifth category. Such a strategy helps in achieving relatively stable returns amid market fluctuations.