Banks risk another 2008 crisis after moving the equivalent of 18 million BTC into shadow lenders
US banks have shifted significant credit risk to nonbank lenders, increasing exposure to a potential crisis originating outside traditional banking.Summary
US banks have significantly reduced their direct credit risk since 2008 by shifting lending to nonbank financial institutions (NDFIs), a category that grew by 2,320% between 2010 and 2025, reaching $1.32 trillion. This shift, which includes private credit vehicles, means that while banks are currently financially sound, systemic stress could now originate in the less regulated shadow banking sector and transmit back to banks if private asset valuations fall or liquidity demands surge. Although the situation is not a direct repeat of 2008, the growing, opaque links—with large banks having committed lines of credit to private credit vehicles reaching hundreds of billions—warrant close attention as private credit markets begin showing signs of strain through restricted withdrawals and tighter financing terms.
(Source：CryptoSlate)