Who makes and loses in the cryptocurrency market? The following is a simplified analysis of the profit and loss situation of the four participation methods in the cryptocurrency market: 1. Currency speculation Profit: Long term holding of mainstream currencies (such as BTC, ETH), selling during bull markets, and stable returns. Example: BTC has increased from 16000 in 2022 to 70000 to 100000 in 2025, with several fold returns. Loss: chasing after high points, unable to withstand fluctuations and cutting meat. Long cycle and high opportunity cost. Who earns: Long term investors with a stable mindset. Who is losing: chasing after retail investors. 2. Contract Profit: High leverage can generate short-term profits, while a few technical players rely on risk control to make profits. Losses: Most of them were liquidated due to high leverage, resulting in zero funds. Who earns: technical players, exchanges (fees). Who is losing: radical retail investors. 3. Miners Profit: Mainstream project miners earn cyclical profits, with high returns during bull markets. Early BTC miners made huge profits, but now their earnings are stable. Loss: The sharp drop in currency prices led to a "mining accident" and prolonged the payback period. Who earns: large mining sites, bull market sellers. Who loses: small miners, high cost entrants. 4. Promotion projects Profit: Early adopters earn high commissions (40% -60%). Loss: The project has no ability to generate revenue, and those who enter the later stage after the collapse will lose everything. Who earns: project team, early promoters. Who is losing: individual investors in the later stage.