Issue with freehub after wheelset swap on Caledonia-5

I’ve just changed the wheelset on my Cervélo Caledonia-5 and am now experiencing an issue with the rear wheel: When I tighten the thru-axle on the new wheelset, the hub doesn’t spin freely – it feels like there’s resistance or friction, as if the wheel is being “pinched.”

When the thru-axle is not tightened, the rear wheel spins freely without any resistance from the brakes.

I’ve checked and calibrated the brakes, and made sure they’re properly centered, so I’m confident the issue isn’t brake-related.

Has anyone experienced a similar issue – and do you have any suggestions as to what might be causing it?