Weak crypto tape: BTC red weeklies, STONK/PONS collapse
Bitcoin is heading for a fifth straight red weekly candle, while Solana memecoins like $STONK and $PONS are sliding and traders are shorting them.
What we know
An account on X flags the rare 5th red weekly. Another account on X says $STONK wicked to $37M mcap. Another account on X is shorting STONK and PONS. Another account on X warns HYPE news pumps tend to fade.
How the story developed
Bitcoin is heading for a fifth straight red weekly candle, while Solana memecoins like $STONK and $PONS are sliding and traders are shorting them.
ZetaChain plans to shut its L1 on Dec 9 and migrate $ZETA to Solana, while Toly amplifies Solana ecosystem posts.
Leverage rose through the drop and traders are split. Some are covering shorts and rotating to SOL longs, while ETF flows are flat YTD.
Kazakhstan reportedly invested $100M in crypto funds, a Citi BTC position claim circulated, and ZetaChain proposed halting its L1 and moving ZETA to Solana.
By the Global Eye 24 desk, with AI assistance. Updated as the story develops. Spot an error? Write to corrections@globaleye24.com.