Speaking up might cost you a friend. Staying quiet can cost you some respect for yourself.

Both roads have a price, which is what makes this genuinely hard rather than obvious. Saying the thing risks the friendship right now, out loud, in a way you feel immediately. Keeping quiet costs nothing visible and takes it out of a quieter account, the one where you track whether you are somebody you would back. The second bill is slower and harder to pay off.

You do not have to be blunt to be honest. Say it privately, once, in your own words, and let them have their reaction.