Valery being the one to propose the Blood Oath, I wonder what ultimate aim he had, as I assume he's against our protagonists in some manner. The fact that Father & Two Sons all shared in the Oath alongside Arvel and Valery himself just feels like a long game play meant to detonate the inner circle of the North, at whatever time was necessary and/or appropriate.
I imagine this will trigger another Loop - and I hope that Arvel and Seraphina don't suddenly backslide. It felt like this one was the best they'd done thus far; but Jade dying is a huge blow, especially as it seems like the Blackstone Family besides him and his sister are still doing Bad Shit (even if it's not necessarily tied to the current Emperor, though I'd not be surprised if they are, just as embedded double agents).
Felt like they were super close this time, too. But if Valery is as seedy as he's always seemed to me, I guess his ties into all of this are the 'next phase' to focus on. That, and figuring out how to keep the Curse from disappearing off Cruel, or at least getting that Device and/or any means of rebuilding it away from the Blackstone Family entirely.