Liquid Capital founder JackYi said crypto industry profits have largely accrued to three groups: long-term holders of Bitcoin, Ethereum and BNB, including miners, coin holders and mining pools; trading infrastructure participants such as quantitative arbitrage firms, exchanges and stablecoin operators; and projects and market makers involved in issuing and controlling assets. JackYi said his view comes from more than a decade in crypto since late 2015. He added that investors and contract traders have generally failed more often than they have succeeded, describing the model as high-risk with low compounded returns.