Pakistan draws 'red line' for Iran: Attacking Saudi Arabia will be deemed an attack on Pakistan.

According to Iranian media outlet Fars News, Iran’s Department of Environment has submitted the "Detailed Rules for the Implementation of Environmental Service Fees for Vessels Transiting the Strait of Hormuz" to the Iranian government. The fee standard will be determined based on factors including vessel type, cargo nature, past records, and potential environmental risk levels, while specific payment and execution mechanisms will be formulated later by relevant competent authorities. Iran noted that the plan is developed under international legal frameworks such as the United Nations Convention on the Law of the Sea (UNCLOS). When vessels violate the principle of "innocent passage" or pose threats to a coastal state’s national security, public health, and ecological environment, coastal states have the right to take legal measures and charge for related public health and environmental protection services provided. The head of Iran’s Department of Environment emphasized that ensuring the safety and sustainable navigation of the Strait of Hormuz requires corresponding financial support, and stated: "The security of the Strait of Hormuz has always been, is now, and will remain the responsibility of the Islamic Republic of Iran."

In response to on-chain investigator ZachXBT’s earlier claim that “all hardware wallets are garbage and not recommended for signing transactions or storing funds,” Trezor’s Chief Commercial Officer Danny Sanders pushed back, calling the assessment overly one-sided. Sanders acknowledged that hardware wallet software or firmware updates can indeed disrupt critical operations like high-value transactions, and current products still have gaps in balancing security and usability. However, he noted that the scenario ZachXBT described primarily applies to advanced users managing large sums of assets, and a single hardware wallet is not the optimal solution on its own—so the entire hardware wallet category should not be dismissed based on that. Sanders also pointed out that using an iPhone dedicated solely to signing and storing assets has some value as an advanced security measure, but compared to hardware wallets, mobile devices have a larger attack surface due to features like Wi-Fi, Bluetooth, cellular connectivity, and iMessage. Additionally, hardware wallets come with an independent display that lets users verify transaction details before signing, making them still the strongest self-custody option available for regular crypto users. Furthermore, Tornado Cash co-founder Roman Storm partially agreed with ZachXBT’s view, noting that current mobile wallets lack support for BIP39 passphrases and air-gapped signing, and urged wallet developers to add these security features as soon as possible.

According to Lookonchain’s monitoring, a whale address linked to a16z has been steadily reducing its HYPE holdings. Over the past 24 hours, the address sold another 421,796 HYPE tokens, valued at roughly $25.3 million.

Hyperliquid co-founder Jeff Yan recently told a VALR podcast that one of the biggest challenges facing the crypto and fintech sectors today is failing to attract enough top-tier startup talent. Yan noted that driven by factors like the AI boom and social prestige, many of the brightest young people are uncertain which fields will deliver the most value, leading few to pursue careers in crypto. He emphasized that rebuilding the financial system from first principles and translating academic theories into scalable market designs is highly meaningful work, and urged young entrepreneurs to look beyond surface-level value, focus on the world’s real problems, and engage in the development and innovation of on-chain finance.

According to Farside's monitoring, U.S. spot Ethereum ETFs saw a net inflow of $36.7 million yesterday. Of the total, ETHA recorded a net inflow of $31.7 million, and FETH posted a net inflow of $5 million.

CryptoQuant Research Head Julio Moreno said Strategy’s newly launched digital credit capital framework has largely resolved the company’s short-term liquidity issues, though a more disciplined Bitcoin buy-and-sell mechanism still needs to be established. CryptoQuant noted that since the new framework was announced, Strategy has sold 3,588 BTC (worth approximately $216 million) to replenish its dollar reserves and raised $466.7 million by selling MSTR stock, lifting its dollar reserves from $1.44 billion to around $3 billion. The preferred dividend coverage period has also risen from roughly 14 months to 29 months. As of now, the company’s Bitcoin holdings remain unchanged at 843,775 BTC. However, CryptoQuant believes Strategy has yet to resolve two critical issues: First, when it will resume Bitcoin purchases, as the current framework only regulates financing methods and lacks a valuation-based systematic position-building model, leaving it at risk of repeating the “continuous high-price buying” scenario in the future. Second, how to sell a portion of its Bitcoin during the next bull market; the existing framework allows BTC sales to replenish reserves, pay dividends, and repurchase shares, but no long-term capital management strategy has been developed for phased position reduction or risk hedging at cyclical peaks. CryptoQuant stated that establishing trading discipline spanning bull and bear market cycles will be a core component of Strategy’s active capital management system.