The $3 trillion private credit boom is starting to crack — and Bitcoin could feel it first

Blue Owl Capital’s OBDC II fund permanently halted redemptions in February. The firm replaced quarterly tenders with return-of-capital distributions funded by loan repayments and asset sales, committing to return roughly 30% of net asset value within 45 days. Blue Owl also announced plans to sell $1.4 billion of assets across three credit funds to generate cash and pay down debt. This isn’t a Blue Owl problem, but a …