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?
The simple answer is, anyone who invested in bitcoin in the past few years before the market started its rally. The reason for the big rally was supported by institutional investors and there will be a time when they will book their profit and once that happens the entire market will crash as some of these institutional investors have huge amount of coins.