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?
If I will just pick between those 2, the winner are the institutions because they got the opportunity to buy Bitcoin today and yesterday at a lower price. They are buying on a daily basis so for sure they also bought some when it went down.
Overall, the ultimate winners are those investors who invested into Bitcoin for quite some time already and still holding (possible those who bought at least 5 years ago or more). They are the ultimate winners for now as they are having their biggest profit of their lifetime with the Bitcoins they are holding.