CoinMeta data: QCP Capital reports that direct contacts between the US and Iran have been confirmed but the proposals were rejected. Iran has put forward a 7-day plan, yet there are still differences between the two sides regarding the urgency of the situation. The traffic through the Strait of Hormuz has dropped to 2 times, far below the average of 32 times, and Bab El Mandeb shipping routes have also been disrupted. US SPR is at its lowest level since 1982. US economic activity has accelerated again, and the PMI composite index has risen to 58.4, the strongest since July 2021, with investment costs near four-year lows. Strong growth, combined with sticky costs, is driving up demand for longer-term bonds; the yield on 10-year bonds has broken through 5%, rising by 53 basis points. SEC has approved exemptions for tokenized stocks, and Strategy has been restored. BTC has increased holdings (by $142.7 million). The report concludes by asking whether the demand for longer-term bonds will ease, or whether further repricing will push up the premium for longer maturities even more.