$369 Million Liquidation Wave Hits Crypto Market Amid Rate Hike Fears
A $369 million liquidation wave swept through the cryptocurrency market on September 2, 2026, causing prices to plummet. Bitcoin dropped by 1.3-1.8% to around $77,200-$77,600, while Ethereum fell by approximately 2% to $2,410-$2,430.
Solana declined by 2-3.5%, dipping below the psychologically important $100 mark to $98.47. XRP retreated amid a scheduled escrow unlock, despite strong inflows into spot ETFs and institutional support from Goldman Sachs.
The trigger for this sell-off was the external macroeconomic backdrop, with rising oil prices and Treasury yields pushing the probability of a Federal Reserve rate hike on September 16 to 66%. This traditionally reduces demand for risk assets and led to the long squeeze that affected over 90,000 leveraged traders.