Who made all the money in this bull market?

Miners took the gas, $BTC holders took the increase, centralized/decentralized exchanges took the handling fees, financial institutions such as Tether took the service fees, and a bunch of project parties that issued coins and dumped the market.

Those who did not make money were investment institutions or big investors who invested in projects that had not yet issued coins, and retail investors who did not hold Bitcoin.

In short, those who made investments lost money, and the companies or protocols that provided services won!