BlackRock's private credit fund, with a size of approximately $26 billion, has begun restricting investor redemptions, reflecting increasing liquidity pressures in the industry. Previously, Blue Owl also sold about $1.4 billion in loan assets to meet redemption demands. Market concerns that redemption pressures could force private credit funds to significantly reduce their holdings, potentially triggering broader deleveraging and impacting risk assets including Bitcoin. Meanwhile, as tokenized private credit products are introduced on-chain and used as DeFi collateral, the risks of traditional credit assets may also be transmitted to the crypto market through RWA products. (CoinDesk)