TechFlow News: On March 7, according to CoinDesk, BlackRock’s private credit fund—valued at approximately $26 billion—has begun restricting redemptions amid rising redemption requests, sparking market concerns over spillover pressure from the global private credit market. Analysts warn that stress in this sector could transmit to the crypto market via two channels: macro-level deleveraging and tokenized credit products. If private credit funds are forced to deleverage or liquidate assets, it could trigger a chain reaction across broader risk assets—including Bitcoin and other crypto assets.
Additionally, risks may transmit directly on-chain. Data shows that the current on-chain private credit market size has approached $5 billion, primarily entering DeFi through RWA tokenization. Should the underlying credit assets suffer impairment or default, the resulting net asset value (NAV) volatility of related tokens could trigger liquidations or liquidity tightening, thereby transmitting traditional credit stress into the DeFi ecosystem.
