Blackstone just gated redemptions on its $79 billion BCRED fund for the first time ever. Investors wanted 10% of their money back. Blackstone is honoring 5%. Blue Owl gated. Carlyle gated. Goldman gated. BlackRock HPS gated. Now Blackstone. Credit fundraising is down 63% year over year. BDC fundraising down 74%. The Fed is demanding transparency on $2 trillion in "very opaque" private credit exposure. The "liquid alternatives" aren't liquid when everyone wants out at the same time. Bitcoin settles in ten minutes and nobody can stop you from leaving.