Cracks in the global private credit market are rattling investors, raising concerns the stress could spill into crypto markets.

Bloomberg reported Friday that BlackRock’s $26 billion private credit fund has begun limiting withdrawals amid rising redemption requests. The move follows similar stress at Blue Owl, which sold $1.4 billion in loans last month to meet withdrawals and reportedly has exposure to a collapsed U.K. property lender.

Shares of major asset managers including BlackRock (BLK), Apollo Global Management (APO), Ares Management (ARES) and KKR slid 4%-6% Friday, extending their 2026 rout.

Read more: Blue Owl liquidity crisis has investors bracing for 2008-style fallout

If redemption pressure forces private credit funds to…