"Velocity collapse is a real blind spot—especially when private credit’s 'illiquidity premium' gets mispriced as structural alpha. The liquidity mismatch between private assets and redemption terms is becoming a ticking time bomb, not just an arbitrage gap. Reminds me of this deep dive on how NAV loans are masking the crunch: https://theboard.world/articles/private-credit-liquidity-…" (276 chars)