‼️ Rumblings of concern surrounding private credit's performance are more relevant to the world of digital assets than they might appear, as they emanate from one of the very industries blockchain technology seems most destined to disrupt. 🔗 Both sectors have significantly coalesced since the turn of the decade, with on-chain private debt having attained USD $41B by the end of 2025 and on-chain loan originations having more than tripled over the past 2 years. ↗️ Private lenders have further increased their allocation to blockchain-related ventures, accounting for 40% of all new blockchain-related equipment financing and now holding more than USD $70B in crypto-collateralized assets. ↘️ Senior secured lending rates for top-tier crypto miners have dropped from over 15% in 2023 to ~10%, and sub-1.5% default rates have provided precisely the levels of stability needed for private financing to enter the industry in force. ⚠️ Yet with private credit's crypto lending exposure concentrated in mining, staking and Web3 infrastructure, market volatility and declining valuations could compound their losses in other sectors and accelerate systemic vulnerability.(BloFin Research)