The total cryptocurrency market capitalization dropped by more than $100 billion within three days. A significant portion of this decline occurred around September 24, when approximately $150 billion in market value was erased in a 24-hour period. Between September 18 and September 28, the total loss reached an estimated $300 billion.
Bitcoin prices fell to approximately $84,000, while Ethereum traded in the range of $2,670 to $2,687. Altcoins experienced steeper percentage declines during the selloff. On the day of the crash, liquidations of long positions in perpetual futures markets totaled roughly $450 million.
Market pressure was driven by the 10-year US Treasury yield rising above 5%, which reduced the appeal of risk assets. Geopolitical tensions, including the US delegation walkout during the Iranian President's speech at the United Nations, and rising oil prices further contributed to the negative sentiment.
Data from Chainalysis indicated that on-chain transaction activity remained stable despite the price drop, suggesting that underlying protocol usage and real transfers were not affected by the speculative selloff. The market remains sensitive to high open interest in futures and broader macroeconomic conditions.
