Chapter 938 is titled "A Woman's Secret".
Kamazo falls, but Zoro soon loses consciousness due to his wound. The woman and Toko take him to the Northern Cemetery and treat his wounds, explaining that they were forced out of the Flower Capital after angering Orochi. The woman then reveals herself to be Kozuki Hiyori, and is looking for her brother Momonosuke.
Meanwhile, Kin'emon reports to the minks that the shogunate and Beasts Pirates have discovered the Kozuki Family's secret message. In Ebisu Town, Shinobu believes that the Heart Pirates revealed the significance of the message and wants to leave them to die, causing Kanjuro to argue with her. Tonoyasu then arrives with a copy of the message, wondering if it is time for the final battle.
Kamazo falls after being struck by Zoro's attack, leaving Gyukimaru, Toko, and the woman in awe. Zoro is unhappy that he received an injury before the final battle, and as Gyukimaru takes one of Kamazo's scythes and walks away, Zoro grows dizzy and faints from his wound.
Meanwhile, Kin'emon arrives at an abandoned village in Kuri and reports to Inuarashi and the Musketeers that Kaidou and Orochi's forces have discovered the meaning of the crescent moon mark and the secret message they distributed. As they wonder how the message was exposed, Kaidou and Orochi's henchmen arrest several of the Kozuki Family's allies in the Flower Capital. As he patrols the city with Hawkins, X Drake is unhappy at how word has spread quickly about the crackdown, leaving them unable to go anywhere in peace. In the Red-Light District, one of Kyoshiro's men reports to him that Komurasaki's wake has been canceled due to the high emotions of the masses mourning her death. Many of them are gathered outside of Kyoshiro's residence, with some of them being angry at him for killing her. However, Kyoshiro says that killing her was the only thing he could have done, and he was the one hurt most by her death. He then examines the secret Kozuki message he had found at the banquet, noting that Orochi is angry because of it.
In Ebisu Town, Sanji, whose face is heavily beaten by Nami due to the bathhouse experience, pleads for Law and Shinobu to stop fighting. Shinobu believes that Law's captured crewmates revealed the meaning of the message, and Law absolutely refuses to consider that, intending to prove her wrong once he rescues them. Shinobu replies that they should be disposed of regardless, as they could not afford for things to go wrong in the plan they had waited 20 years to come to fruition. However, Kanjuro disagrees with her, saying that it is most important that they retain the allies they have made, as otherwise they will be unable to bring down Orochi and Kaidou. Tonoyasu then enters their house, and recognizes Shinobu and Kanjuro, to their surprise. He shows them a copy of the message and talks about the rumors swirling around the Flower Capital, wondering if the time has indeed come for the final battle.
Zoro wakes up in a house in the Northern Cemetery, and the woman tells him to keep lying down as she thanks him for saving her and Toko. Zoro immediately attempts to leave to find Gyukimaru and Shusui, but the woman holds him back, inadvertently aggravating his wound. Toko offers Zoro some toad oil she stole to help heal the wound. As Zoro receives the food and alcohol he had requested, the woman tells him about Gyukimaru, revealing that he ambushes everyone who comes to Oihagi Bridge to take their weapons. Zoro then asks who they are, wondering why Kamazo was pursuing them. The woman says that they were forced to leave the Flower Capital after angering Orochi, and since she trusts Zoro, she decides to reveal that she is Kozuki Hiyori, and she is looking for her older brother Momonosuke.
- Kamazo is defeated.
- Gyukimaru walks away from Zoro and the others.
- Kin'emon's allies in the capital are getting arrested.
- Law is on his way to save his crew.
- The woman who was protecting Toko is revealed to be Momonosuke's little sister Hiyori.