Yes, indeed the one who enjoyed this hype more are the early investors and whales, they are the one who reaped the success of Bitcoin, the only one we fear right now is the constant price crash so many bad news coming up lately and it really harmed bitcoin reputation
It is normal that the constant stream of FUDs comes out there to harm bitcoin reputation to bring price down after all whales that tries to manipulate bitcoin price only wants it's price down for them to rebuy at a cheaper price. Bad news concerning ban of bitcoin on some countries are just normal right now even if it is real or not because some countries cannot regulate it and FUDers use this fact to create rumors too.