There are three cohorts that were forced to puke their Bitcoin into the righteous hands of the true believers: the centralised lending and trading firms, Bitcoin mining operations, and ordinary speculators. With no one to turn to for additional credit, trading firms are forced to liquidate their positions to meet capital calls. Bitcoin mining firms who borrowed what was typically fiat collateralised by either Bitcoin on their balance sheet, future Bitcoin to be mined, and/or Bitcoin mining rigs. The two largest muppet crypto trading firms, Alameda and 3AC, both grew to such a gargantuan size because of cheap borrowed money. Bitcoin Mining FirmsElectricity is priced and sold in fiat, and it is the key input to any Bitcoin mining business.