If you look back at 2017 pump it was average users like us who got the benefit of bull run as Bitcoin was easily affordable before the bullrun hence a good portion of users had bitcoin in their portfolio as there were not that much altcoins available in the market. But this year who has gained more ? Is it average users or else institutions and traders who made most of it? I think it's trader's who bought at cheap and sold at high because institutions are yet to cashoutm what do you all think?
Ultimately there is only one answer, but this community would not like it.
For that, you should analyze 3 portions of data. I won´t give you the sources, feel free to choose yourself. Anyway, the 3-step analysis of the truth is:
1) BTC average transaction size has been 100 times and more of the size of the median transaction almost every day during all these years. That means someone moves huge sums AT EVERY PRICE LEVEL.
2) BTC overall distribution between the sizes of wallets, does not have sudden changes over a longer time period. That means the vast majority of these large transactions are made between one and himself.
3) Bitcoin's total distribution ratio, between TOP100 wallets and the rest of the wallets is dropping slowly, but significantly faster, than new coins are released. That means the whales slowly but steadily sell out their huge reserves at prices they themselves produce.
The fact that you can gamble and earn something too, is well... a byproduct of a bigger game.