Last week's data already mentioned that institutions are very worried about private credit issues. Today, we saw data from Goldman Sachs showing that the open interest for credit-related ETF put options has reached an all-time high. In plain terms, the market's concern about a credit blow-up is no longer just talk—real money is being bet on it. While this doesn’t mean it will happen immediately or for sure, if you ask what institutions are most worried about right now, it’s not war or inflation, but a credit blow-up. If it happens, it could very likely trigger a new recession. So, the current stance of institutions is very clear: gradually reducing exposure to risk assets, increasing cash reserves, going long on gold, and shorting credit. bitget VIP, lower fees, crazier perks