Who bears the private credit pain

Bitcoin is stuck around $70K as macro pressure builds and cracks begin appearing across traditional finance. Oil prices are spiking on geopolitical tensions, while major banks like Morgan Stanley and JPMorgan are quietly restricting withdrawals and tightening lending in private credit markets as investors rush for the exits. With liquidity tightening and financial stress rising, the key question is whether Bitcoin is simply trapped in macro chop or preparing for its next major move as the system starts to strain.