If the institutions lost money and retail also lost money in this bear market, then where did all the money go?

Usually when someone gets money in crypto, there is someone that is losing money. But if I am to believe all the news about those massive institutions losing money on crypto and retail also lost money then where the fuck did it all go? Did the institutions lose it all by funding crypto companies at insane and nonsensical valuations? Did they gamble it all on leverage just like us degens? That doesn't make sense either because many of the lenders are also going bankrupt/in financial trouble though.

I can't wrap my head around the facts that if we all lost, retail and institutions combined, then who won man? I understand that when institutions make money from crypto they usually swap it to fiat, but it still doesn't make sense to me as news of institutions going bankrupt is rampant.