A historic shift is unfolding in the private-credit market. For the first time since the sector's explosive growth began, retail and institutional investors are racing to pull their capital out at scale. This marks a critical inflection point—when redemption pressure mounts on traditionally illiquid alternatives, it signals deeper concerns about valuations, liquidity conditions, or broader risk appetite in the market. The implications ripple across asset classes, including digital assets, as flight-to-safety dynamics and capital reallocation accelerate. Watching this trend matters: it could reshape how investors view alternative investments and their role in portfolio construction going forward.