Well, I'll be darned... a red herring that threw us off the original red herring. I tip my hat to you, Horikoshi.
Anyhoo, summary for the rest of the chapter:
The first half focuses on the class' training. Bakugou reveals his new technique, Cluster, is built on the foundation he learned from Endeavor, which is to "concentrate" and "release". Basically, he releases multiple droplets of sweat and blows them all up at once. He's also wearing his winter costume for the purpose of increasing perspiration. Shouto, meanwhile, is still trying to perfect his control over both halves of his body.
Mineta and Denki discuss the current situation. With the enemy leaders weakened, as well as the slumbering Gigantomachia kept in custody, the hero side should have a greater chance of winning this war. However, Bakugou rains on their parade, saying they're being too optimistic, and points out there's three reasons why the fight won't get any easier. First, it would be near impossible to find AFO, who's eluded the law for years, even after he first lost to All Might several years ago. Second, Shigaraki was already in a weakened state the last time they fought him, yet was still far more powerful than anticipated. To expect anything less from him now, especially with the reduced number of heroes, is too naive. The third and final reason is that the villains most likely have a plan prepared and are waiting for the right moment to strike. Even if the Search quirk were to have been destroyed in the fight against Star, they could always have a backup plan. That's why the best option at this point is to wait and prepare for an attack. Deku chimes in, saying he does want to search for the villains, but Iida cuts him off, saying this no longer an issue of "I".... but "us". Plus, the students are allowed to move more freely now, thanks to Ochako's speech restoring the civilians' trust in them.
Meanwhile, Hagakure is in the forest, eavesdropping on Aoyama's family. What follows was already covered in AP24's post, but yes,
Aoyama is the TRUE traitor! The invisible one is about to go alert a teacher about him, but ends up running into Deku. Back to Aoyama, he tells his parents that, for a brief time, he breathed a sigh of relief after AFO was brought into custody since he thought he can continue living a peaceful life with his friends.... but that that's no longer the case now. That's when Hagakure and Deku appear to confront Monsieur Belly Laser.....
Man, traitor or not, I still feel pretty bad for the guy. I wonder if him blasting at Compress back at the training camp was less about him maintaining cover, and more like him putting up some modicum of rebellion....?
But considering what AFO says at the beginning of the chapter (as pointed out, he apparently implies he has no other spies at UA), the sparkling one's emotions are most likely legit. Besides, we already know AFO doesn't mess around with those who betray him (Lady Nagant can attest to that.... for all we know, Aoyama's quirk could be similarly booby trapped). 
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