「Rug Pull Whale」 Faces Partial Retreat, 29 Short Positions Currently Down Over $4.06 Million

**May 9** Conflict in Iran has disrupted oil shipments through the Persian Gulf, driving global oil inventories down at a record pace and eroding the buffer stockpiles meant to cushion supply shocks. The rapid drawdown is raising the risk of more extreme price spikes and supply shortages. With the Strait of Hormuz at risk of closing for two months, governments and industries worldwide are running out of options to handle the impact of losing over 1 billion barrels of supply. Even after the conflict ends, the market will remain vulnerable to future disruptions for longer, the data shows. Morgan Stanley estimates global oil inventories fell by an average of ~4.8 million barrels per day (bpd) between March 1 and April 25—far exceeding previous quarterly drawdown peaks in International Energy Agency (IEA) data. Nearly 60% of the drawdown came from crude oil, with the rest from refined products. Critically, the oil system requires maintaining a minimum inventory level. Natasha Ka

On May 9, rebase protocol Kelp DAO issued an update regarding the rsETH exploit, noting that the Kelp team will coordinate contract operations with Aave over the next 24 hours as part of the next phase of rsETH underlying asset support. During this period, users do not need to take any action. The reopening window and subsequent steps will be announced via official channels.

May 9 — BlackRock, the world’s largest asset manager, plans to launch two tokenized money market funds targeting stablecoin holders, signaling another bet on the long-term growth of the “digital dollar economy.” Per a recent regulatory filing, BlackRock intends to offer on-chain digital shares for its BlackRock Select Treasury-Based Liquidity Fund (BSTBL), which holds roughly $6.1 billion in assets. The fund primarily invests in cash, U.S. Treasury notes, and short-term securities with a remaining maturity of 93 days or less. The newly issued tokenized shares will be deployed on the Ethereum blockchain and operate alongside the fund’s existing traditional shares. Markets view the move as a sign the traditional asset management giant is actively advancing on-chain integration for U.S. Treasuries, money market funds, and other traditional financial assets—further connecting stablecoins to real-world asset (RWA) ecosystems.

**On May 9, trader Eugene Ng Ah Sio shared on his personal social media channel:** - Several charts are edging toward a bottom, while Bitcoin remains hovering around the $80,000 mark. - He expects the market to kick off a significant rally (ideally to the upside) in the next week or so, with many altcoins poised to break out of their current ranges. - Per trading volume and open interest (OI) metrics, most assets now only need a small dose of marginal buying pressure to push prices higher—meaning overall positioning across most assets remains fairly light. - The market’s next key catalyst: Bitcoin clearly breaking above $80k, followed by leading altcoins like ETH, SOL, and HYPE leading a clear new uptrend. “Fingers crossed we don’t get pushed back from these levels,” he noted.

On May 9, British media reported that the UK’s HMS Defender will be redeployed to the Middle East to take part in escort operations in the Strait of Hormuz. (Jinse)

May 9th As the Suez Canal blockade enters its 71st day, expectations are growing for progress in U.S.-Iran negotiations. That’s pushed gold prices to rebound quickly after dipping below $4,500 an ounce, with spot gold hitting a weekly high of $4,764.73 an ounce—up roughly 2.15% on the week. Even as geopolitical tensions ease marginally, global funds keep pouring into gold assets. World Gold Council data shows global physical gold ETFs posted a net inflow of $6.6 billion in April, reversing a prior outflow trend. Asian gold ETFs have seen net inflows for eight straight months. Meanwhile, the People’s Bank of China added 260,000 ounces to its gold reserves in April—marking its 18th straight month of net purchases. Major institutions still see gold’s long-term bull case intact. Bridgewater Associates founder Ray Dalio notes that amid global sovereign debt expansion and currency depreciation, gold remains a critical store of value. Goldman Sachs forecasts gold could hit $5,400 an o