Who really got rich from the cryptocurrency bull market?

In the cryptocurrency bull market, although traders experienced violent fluctuations and highs and lows, the real riches were often those businesses and service providers that provided infrastructure. The "gold rush" in the crypto market is not limited to miners and traders, but more wealth has flowed to companies that provide the necessary tools and services for these activities. For example, infrastructure providers such as trading platforms, blockchain networks, wallet providers, and payment systems have become the real beneficiaries in the market.

Especially in the current cryptocurrency bull market, the hot market of Meme coins has promoted the rapid development of decentralized applications (DApps), especially DApps based on Solana. The surge in trading volume on Solana's decentralized exchange (DEX) has driven record fee income, and Raydium's 24-hour fees exceeded $11 million earlier this month. This phenomenon reflects the huge potential of the cryptocurrency market and reveals the business model of "selling picks and shovels" - those companies that provide infrastructure for cryptocurrency transactions are often the ultimate winners.

This is similar to the historical California Gold Rush. In 1848, the discovery of gold attracted a large number of miners to California, but despite the surge in gold mining, the real fortunes were made by merchants who provided goods and services to the miners.

In the current bull market, not only exchanges and wallet providers have benefited, but stablecoin issuers such as Circle and Tether have also reaped rich rewards, especially in the context of growing demand for stablecoins, acting as a key bridge in the crypto ecosystem. In addition, emerging services such as decentralized finance (DeFi) platforms and liquidity staking platforms have also played an increasingly important role in the market.

However, despite the obvious benefits to infrastructure providers, many experts believe that traders and speculators may still profit from the market frenzy. Market participants who use advanced technology and complex tools can find profit opportunities in price fluctuations through data analysis and strategy adjustments. Therefore, in addition to infrastructure providers, venture capitalists and crypto investors may also reap huge profits in the current market cycle.