Pimco's warning aligns with rising corporate default rates, which hit 5.6% in Q1 2026, the highest since 2009. US high-yield spreads have widened 120 bps this year, and commercial real estate delinquencies just climbed to 8.3%. Credit cycles tend to lag, not lead. If losses accelerate, risk assets including crypto could face renewed pressure. Are we at the start or the peak of this cycle? ๐๐ฆ๐