Svmuu News Asset management giant BlackRock has begun restricting withdrawals from a private credit fund with approximately $26 billion in assets due to rising redemption requests, sparking market concerns about spillover pressure in the global private credit market. Analysts warn that risks could also be transmitted directly on-chain. Data shows that the current on-chain private credit scale is close to $5 billion, primarily entering DeFi in the form of RWA tokenization. If the underlying credit assets experience impairment or default, the net value fluctuations of the related tokens could trigger liquidations or liquidity tightening, thereby transmitting traditional credit pressure to the DeFi ecosystem. Furthermore, tensions in this sector could be transmitted to the crypto market through two channels: macro 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 and affect crypto assets including Bitcoin. (CoinDesk)