$BTC Danger Signals in U.S. Credit!! BlackRock and others are starting to encounter trouble

Recently, there is a signal that I find increasingly worth paying attention to: the risk of private credit in the U.S. is gradually being exposed again.
Previously, I mentioned the expectations of global fund managers regarding a U.S. recession. The market believes that the U.S. is not yet in a recession, although there are fluctuations in the stock market, the overall narrative remains intact, and confidence in the economy not landing is still high. Concerns about a recession have dropped to the lowest point in history.
However, recent data shows that private credit is being increasingly regarded as one of the important tail risks. Additionally, the open interest in hedge put options on credit ETFs has reached a historic high. Coupled with the continuous redemption or liquidity pressures faced by leading institutions, this situation is no longer just talk.