In the past, there were newcomers in the bull market, and there was competition in the market. Newcomers took over from old players, and some made money while others lost money.
Now, there are no newcomers, and there is competition in the stock market. Exchanges have been making money, and all players are losing money.
This year, only people who play BTC have made money. The new big funds only have BTC, but there are almost no retail investors who play BTC.
Those who play other currencies have all lost money. Exchanges really need to make some contributions to the industry, instead of always listing junk coins to drain liquidity.