If this happened to bank deposits, it would be called a bank run.
Every time the crash starts the same. The problems start in markets that are opaque and non-regulated. Banks are now fine, the risks moved into private credit and shadow banking.
The US has between $1.3 and $1.5 trillion in private credit AUM. 70% of global private credit. It has expanded rapidly and the quality has decreased as it has been "democratized" and retail investors have access.
