The US private credit market, valued at over $2 trillion, is showing stress signals not seen since 2017. Non-accrual loans reached a median of 2.8% of cost in the second quarter, compared to nearly 2% in late March, marking the highest level in nearly a decade. Some funds received withdrawal requests representing up to 40% of net asset value, though most limit quarterly redemptions to 5%. This situation could pressure Bitcoin in the short term as investors sell liquid assets to raise cash, but could become a positive catalyst if it forces the Federal Reserve to ease monetary policy.
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