Average request rates increased to 10.3% of shares, up from 9.7% in Q1, with values ranging from 1.3% to 38.1% at Blue Owl’s OTIC, according to Fitch. A large portion of the requests were follow‑up submissions from investors who remained only partially satisfied in the prior quarter. New inflows declined by approximately 56% on average, resulting in net outflows of about 3% of each fund’s net asset value for the previous quarter.
Fitch cautions that continued redemptions are likely for private credit in the coming months.
Fitch warned that, given BDCs limit quarterly redemptions to 5%, unmet request volumes will sustain high redemption pressures for numerous firms in upcoming quarters.
Parallel Trends in Bitcoin ETFs and Private Credit Structures
Bitcoin ETFs are liquid, exchange‑traded funds that directly influence the spot price of Bitcoin when they experience outflows. In contrast, private credit BDCs are illiquid, long‑duration lending entities that incorporate built‑in quarterly gates.
The simultaneous surge of investor exits from both categories underscores heightened caution regarding liquidity and risk appetite across the market.
Amid these developments, energy markets are signaling risk aversion, as the U.S. Strategic Petroleum Reserve has fallen to its lowest level since 1983. Should disruptions persist, the government will have a markedly reduced capacity to inject oil into the market and help stabilize prices.
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