🚌 **Keyrock: 'Peace on Paper' — Risk-On Rally on Hopes of a Strait of Hormuz Deal**

Hopes of a US-Iran deal to reopen the Strait of Hormuz sparked a broad risk-on rally: crude fell **~8%**, gold jumped **+7.6%** to $4,358, the Nasdaq-100 rose **5.1%**, and BTC gained **4.3%** to $65,271.
• Spot Bitcoin ETFs pulled in **+$853.5M** over five straight positive days (AUM $79.5B); Ether ETFs logged their best week since mid-April at +$244.9M, a fifth straight weekly inflow.
• Open interest stayed flat despite the rally — Keyrock reads this as spot-funded, not leverage-driven, i.e. _"constructive"_ positioning.
• Tokenized RWA AUM hit a fresh record near **$36.8B** (+3.11% WoW), with Maple and Paxos leading gains after BlackRock launched two tokenized money-market funds.

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