BlackRock has limited withdrawals from a $26 billion private credit fund amid rising redemptions, joining stress seen at Blue Owl and dragging down shares of major asset managers. Experts warn forced unwinds and macro deleveraging could transmit to crypto markets through tokenized private credit (roughly $5 billion) used as DeFi collateral. A 2025 First Brands Group bankruptcy previously reduced NAV of a tokenized fund (mF-ONE) by ~2% and tightened liquidity on lending protocol Morpho, illustrating how off‑chain credit stress can affect on‑chain markets. Analysts also flag large bank exposures to private credit/private equity and elevated systemic risk amid energy shocks and shifting rate expectations.

BlackRock limited withdrawals from a $26B private credit fund amid rising redemptions and shares of asset managers fell; experts warned forced unwinds could cause broad deleveraging that spills into crypto via roughly $5B of tokenized private credit used as DeFi collateral. A 2025 First Brands Group bankruptcy previously knocked about 2% off the NAV of a tokenized fund (mF-ONE) and tightened liquidity on Morpho, showing off‑chain credit stress can transmit on‑chain. Analysts note large bank exposures to private credit/private equity and elevated systemic risk amid energy shocks and shifting rate expectations.