Things are heating up in the private credit world, and crypto is feeling the tremors. BlackRock just started limiting withdrawals from its $26 billion private credit fund after investors lined up to pull money. This comes on the heels of Blue Owl’s struggles—they sold $1.4 billion in loans last month, partly tied to a collapsed U.K. property lender. Honestly, it’s a reminder that even massive funds aren’t immune to stress.
Shares of big asset managers like BlackRock, Apollo, Ares, and KKR dropped 4%-6% on Friday, extending a rough 2026 run. The worry? If these funds are forced to sell off assets to cover redemptions, it could spark broader deleveraging—hitting everything from stocks to crypto. Bitcoin isn’t isolated here; a disorderly unwind could shake digital assets in ways the market isn’t pricing in.
What makes this trickier is timing. Credit stress is colliding with energy shocks and falling expectations for rate cuts. U.S. banks have already lent hundreds of billions to private credit and equity funds, so ripple effects could reach the banking sector too.
So here’s the question: are we looking at just a bump in the road, or the start of a bigger crypto shakeout?
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