Mining & exchanges are the base of Crypto business (as long as they don't lose their pants due to hacks or emblazonment.. as they sometimes do). So they will probably be the last ones to fall.. (if it comes to it..)
Since last year they've been hoarding most of the coins they mined. Rather than sell their product, they've held onto the coins and instead used financing to pay for the ongoing expense of the mining operations. This was done either because the miners saw cash was cheap and hoped to sell the coins at a better price later, or because they were worried about crashing BTC price by selling. (Since I'm extremely suspicious of everything crypto and tend to think the whole market is 99% fake, I'm assuming it was mostly the latter.)
Now their choices are dwindling and a firesale of BTC from miners may be at hand.
Thin markets and dozens of fragmented exchanges is paradise for a quant market maker. You setup a few dozen websockets and you get to charge some bitcoin miner 10bps per transaction for your “all-in-one API”.