Bull Case
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US military developing plans to target Iran's SoH defenses if ceasefire fails - CNN
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US military is preparing contingency plans to strike Iran's defenses around the Strait of Hormuz if the ceasefire collapses, sources told CNN. Options include targeting fast boats, minelaying vessels, missile systems, and infrastructure in the Strait, Gulf of Oman, and southern Arabian Gulf, along with possible strikes on energy assets and selected Iranian military leaders. Officials say Iran still retains significant coastal missiles and mobile assets, meaning strikes may not quickly reopen the waterway. US naval forces are continuing blockade operations in the region.
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Aave lost $9.5B in deposits over two days. Hackers stole $292 million in rsETH tokens from the Kelp rsETH bridge and used them as collateral to get a massive loan. Now, Aave is stuck with nearly $200 million of debt backed by toxic collateral (rsETH). This…
DeFi protocols have launched a joint effort to stabilize rsETH after the exploit. Over 43,500 ETH has already been pledged to support recovery efforts. Aave has branded the initiative as a coordinated "DeFi United" response. The focus now is restoring user confidence and market stability before the 2026 melt up.
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In Q1, onchain revenue hit $587.9 million and was highly concentrated on Hyperliquid, EdgeX and Sky (formerly MakerDAO).

Onchain revenue is ready for the next leg up.
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China adds 7 EU firms to export control list over Taiwan links
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Iran received 'some sign' the US is ready to break the blockade - TASNIM
Reports in Iran: 'the alleged US blockade of the strait of hormuz has been broken, an oil tanker under US sanctions was able to pass through this waterway and anchor off the coast of Iran'
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ETFs have bought almost 3 times the Bitcoin mined by miners in the last 30 trading days. More than half of it has been bought only in the last 5 days.
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Houthis discussed imposing Red Sea transit tolls to formalize control over shipping lanes - UK security firm
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White House extends shipping waiver to ease oil supply tightness

Foreign flagged tankers to continue moving oil and refined products between domestic ports, such as from the Gulf Coast to the East Coast or Alaska.
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Iran's foreign minister expected in Islamabad on Friday night
Pakistan may announce resumption of Iran-US talks today - Al Arabiya
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Pakistan may announce resumption of Iran-US talks today - Al Arabiya
A high-ranking Pakistani government source estimates the occurrence of a serious breakthrough today
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Iran's foreign minister expected in Islamabad on Friday night
Iranian foreign minister Araqchi expected to arrive in Islamabad at 10:00pm local time (in 5h) - NYP
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US Defense secretary Hegseth: Iran has a chance to make a good deal
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Iran has dropped more mines in Hormuz earlier this week - Axios
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Iranian foreign minister Araqchi expected to arrive in Islamabad at 10:00pm local time (in 5h) - NYP
No indication yet that this will be a second round of talks. As of now, only Pakistan and Iran have confirmed a meeting with each other - NYP
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Iranian foreign minister Araqchi expected to arrive in Islamabad at 10:00pm local time (in 5h) - NYP
Iranian parliament speaker Qalibaf has stepped down as head of the negotiating team due to internal disagreements. Hardliner Saeed Jalili or foreign minister Araghchi seen as likely replacements - Iran International
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No indication yet that this will be a second round of talks. As of now, only Pakistan and Iran have confirmed a meeting with each other - NYP
US delegation will arrive in Islamabad within 36 hours in preparation for 2nd round of talks - Al Asharq
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No Iran-US talks during Araghchi's Pakistan visit, only bilateral engagement - senior Iranian source
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