The second quarter of 2026 was a brutal period for Bitcoin ETFs - outflows reached nearly Rp80 trillion (US$5 billion), an all-time record for the product. Yet, that staggering figure was merely a drop in the ocean compared to the far more severe wave of redemptions in the Rp32,000 trillion (US$2 trillion) private credit market.
According to SoSoValue data, investors pulled roughly Rp64 trillion (US$4 billion) from US-listed spot Bitcoin ETFs in June alone, led by BlackRock’s IBIT. These withdrawals coincided with a massive capital rotation toward AI trends and SpaceX’s mega IPO. Bitcoin’s price also slid roughly 14% over the quarter, dropping below US$60,000 and logging its third consecutive quarterly loss.
Private Credit Market: A Far Bigger Crisis
According to credit rating agency Fitch, however, the truly alarming wave of withdrawals occurred in the private credit market. Throughout Q2, investors submitted redemption requests totaling up to Rp250 trillion (US$15.6 billion) - most of which could not be met in full. Of the 16 Business Development Companies (BDCs) monitored, 10 saw redemption requests exceed the standard 5% quarterly limit.
Average redemption requests rose to 10.3% of total shares (up from 9.7% in the previous quarter), with extreme ranges between 1.3% and 38.1% in one of Blue Owl’s funds. Many of these requests were simply carryovers from investors who were not fully “paid out” last quarter. Fitch warned that this redemption trend will likely continue in upcoming quarters as the 5% withdrawal limit causes queues of requests to keep piling up.
The Same Signal, Appearing in Different Places
Singapore-based QCP Capital analysts identified a pattern that cannot be ignored: the US Strategic Petroleum Reserve (SPR) is at its lowest level since 1983, Strategy (formerly MicroStrategy) sold Bitcoin for the first time to fund dividends, and withdrawal gates across eight semi-liquid credit funds were breached simultaneously. “Different angles, but the same pattern: the protective cushion is wearing thin,” QCP Capital wrote.
On-chain data from lookonchain further added to the confusing picture: over the past 24 hours, Bitcoin ETFs recorded outflows of 1,108 BTC (around Rp1.1 trillion), but over the last seven days, flows reversed with 6,301 BTC (around Rp6.3 trillion) coming in. These mixed signals reinforce the sense that the market is uneasy rather than establishing a clear direction.
What makes this combination worth watching is not just falling Bitcoin prices - but tightening liquidity across multiple corners of the market simultaneously, from digital assets to conventional corporate credit. If that cushion completely runs out, investors may find themselves facing not just one shaky market, but several all at once.
Via CoinDesk.
Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
