115,000 Traders Liquidated: What Crypto Lost in the Third Week of September | Hotcoin Research, September 14–20, 2026

Crypto Market Performance
The total crypto market capitalization currently stands at $2.64 trillion. BTC accounts for 58.5% of the market, with a market cap of $1.54 trillion. The stablecoin market cap stands at $304.3 billion, down 0.25% over the past seven days, with USDT accounting for 60.22%.
Among the top 200 assets on CoinMarketCap, most posted gains while a smaller number declined. Over the past seven days, BTC rose 0.12%, ETH 0.58%, SOL 3.41%, HYPE 9.67%, and ARB 41.89%.
Market Outlook (September 21–27):
RSI: 56.27 (Neutral), Fear & Greed Index: 57 (Neutral), Altcoin Season Index: 52 (Neutral)
Crypto Market Outlook: The market is likely to remain range-bound next week as it digests the rate hike and braces for options expiry, with a sustained one-way move unlikely.
BTC: $74,500 - $79,500 (A move higher is possible if it holds above $78,500)
ETH: $2,320 - $2,580 (Likely to follow the broader market)
SOL: $93 - $110 (More responsive than BTC)
HYPE: $78-$94 (Relatively weak recently)
Risks to Watch
- Market Impact of the September 25 Quarterly Options Expiry
Options with a combined notional value of approximately $16.6 billion are set to expire. Market maker hedging may keep spot prices pinned near the max pain level ahead of expiry, while the unwinding of positions afterward could trigger sharp moves in either direction. Volatility is typically higher around Friday’s expiry.
- Lingering Impact of the Rate Hike and Persistent Spot ETF Outflows
The rate hike has already taken effect, but the dot plot still points to the possibility of another hike this year. Combined with recent net outflows from BTC spot ETFs, institutional buying remains weak. If the U.S. dollar and Treasury yields strengthen again, risk assets could face another pullback.
- Liquidity and Supply Risks for High-Beta Altcoins, Especially HYPE and SOL
HYPE has recently outperformed and is approaching its previous high, making it more sensitive to profit-taking and potential token unlocks or selling pressure. SOL is also highly sensitive to shifts in risk appetite. In the event of unexpected regulatory developments, geopolitical events, or major cryptocurrencies breaking below key support levels, altcoin losses could be amplified.
Market Highlights
- U.S. Senate Blocks the CLARITY Act, Crypto Market Takes a Hit
On September 15, the U.S. Senate held a procedural vote on the Digital Asset Market Clarity Act (CLARITY Act). The motion received 49 votes in favor and 50 against, falling short of the 60 votes needed to advance the bill. It aims to establish a comprehensive regulatory framework for the crypto market and clarify the respective jurisdictions of the SEC and CFTC. After the bill failed to advance, Bitcoin briefly fell below $75,000, Ethereum saw steeper losses, and shares of crypto-related companies, including Coinbase and Circle, fell by around 10%.
- SEC Swiftly Issues “Innovation Exemption,” Clearing the Way for On-Chain Stock Trading
Just two days after the CLARITY Act stalled, the SEC issued an “Innovation Exemption” order on September 17, opening a five-year pathway for compliant on-chain trading in tokenized U.S. stocks. The exemption allows eligible Tokenized Securities Venues (TSVs) to trade tokenized NMS stocks through permissioned AMMs, subject to conditions including an issuer’s right to object. Related assets, including UNI and Securitize-linked names, rallied following the announcement.
- Crypto Market Plunges, More Than 115,000 Traders Liquidated
Hit by the failed CLARITY Act vote and a surge in U.S. Treasury yields, with the 10-year yield briefly topping 5%, the crypto market saw a broad sell-off in the early hours of September 16. Bitcoin fell as much as 5.3% in a single day, Ethereum dropped more than 8%, and XRP plunged over 10%. According to CoinGlass, 115,716 traders were liquidated worldwide within 24 hours.
- Circle Launches Arc Mainnet with USDC as Native Gas
On September 16, Circle officially launched the Arc mainnet, an open Layer 1 blockchain purpose-built for financial markets, real-time money movement, and agentic economic activity. The network uses USDC for gas fees, providing predictable, U.S. dollar-denominated transaction costs. Arc launched with a founding validator cohort that includes BlackRock, DTCC, Visa, Mastercard, and other major institutions. However, around 82% of trading volume on the first day came from speculative activity on meme coin launchpads, raising questions about the extent of institutional adoption.
- XRP Ledger Batch Transactions Upgrade Nears Activation Threshold
The XRP Ledger’s Batch Transactions upgrade is nearing its activation threshold this week. The upgrade enables atomic execution for complex payments, meaning multiple transactions either all succeed or all fail. This lays a new technical foundation for more complex financial operations on the XRP Ledger.
- Nostra Suffers Oracle Attack, Losing Approximately $3.5 Million
On September 18, Nostra, a project in the Starknet ecosystem, suffered an oracle manipulation attack involving NSTR. The attacker exploited manipulated price data to use NSTR as collateral and borrow about $3.5 million in assets, including ETH, STRK, USDC, and WBTC, before bridging part of the funds to Ethereum. Nostra’s money market has since suspended lending, withdrawals, and liquidations.
- ECB President Reportedly Intervenes to Block Binance’s European Expansion
According to The Wall Street Journal, European Central Bank President Christine Lagarde personally intervened to block Binance’s push into the European market. Greek regulators had reportedly planned to approve Binance’s license application, but the process was halted following Lagarde’s intervention. The episode highlights continued regulatory caution in Europe toward major crypto exchanges.
- Coinbase Partners with Moov to Bring Stablecoin Payments to More Than 1,000 Community Banks
On September 14, Coinbase announced a partnership with payment infrastructure company Moov to integrate stablecoin acceptance, settlement, and real-time fund transfers into Moov’s existing payment platform, reaching more than 1,000 community banks and credit unions. The partnership is designed to enable local financial institutions to offer stablecoin services without having to build their own crypto infrastructure.
- Canada Clarifies That Tokenized Bank Deposits Are Legally Equivalent to Traditional Deposits
Canada’s Office of the Superintendent of Financial Institutions (OSFI) clarified this week that tokenized bank deposits are legally no different from traditional deposits. OSFI emphasized that the focus should be on what a product is, rather than how it is built or delivered. Federally regulated financial institutions can develop tokenized deposit products under the existing framework, subject to applicable laws and regulatory guidance.
- Lazarus Group Sells ETH Again, Offloading $2.28 Million in Two Hours
According to Lookonchain, Lazarus Group, widely identified as a North Korean hacking group, sold 911 ETH at an average price of $2,499 within two hours on September 14, worth approximately $2.28 million. The move has continued to draw market attention to the flow of stolen funds.
Macro Update
- On September 15, the Senate voted 49–50 on a motion to invoke cloture on the CLARITY Act, falling short of the 60 votes required to advance the bill.
- On September 16, the U.S. released EIA crude oil inventory data showing a decline of 640,000 barrels for the week ended September 11, compared with an expected decline of 1.62 million barrels and a previous decline of 391,000 barrels.
- On September 16, the Federal Reserve raised the upper bound of its target rate to 4%, in line with expectations, from 3.75% previously.
- On September 17, the U.S. released initial jobless claims data for the week ended September 12, showing 196,000 claims, below the expected 208,000 and the previous 206,000.
- As of September 18, CME FedWatch data showed a 44.9% probability that the Federal Reserve would keep rates unchanged in October and a 55.1% probability of a 25-basis-point rate hike.
Looking Ahead
Industry Conferences
- Shanghai International Blockchain Week will take place in September 2026. As a core event of the week, the 12th Global Blockchain Summit, hosted by Wanxiang Blockchain Labs, will be held on September 23 at the Grand Ballroom on the first floor of Hyatt on the Bund, Shanghai.
- AI Builders Day, initiated by 6Block and co-hosted by Techub News, will be held from 13:30 to 17:00 Beijing time on September 21, 2026, at the Multifunction Hall on the 15th floor of Shanghai Guotou Building. The event will focus on AI infrastructure, computing power, applications, and real-world practices. Ecosystem partners include Gonka, GonkaRouter, and Craftale.
- KBW2026 will be held in Seoul, South Korea, from September 29 to October 1.
- TOKEN2049 Singapore 2026 will be held in Singapore from October 7 to 8, 2026.
Key Events
- On September 23 at 22:30, the U.S. will release EIA crude oil inventory data for the week ended September 18.
- On September 24 at 20:30, the U.S. will release initial jobless claims data for the week ended September 19.
- The Thai SEC is seeking public comments on proposed stablecoin regulatory principles, with the consultation expected to close around September 25. The proposed rules would restrict stablecoin deposits and withdrawals involving third-party wallets, with a daily limit of approximately $150,000 in either direction.
Project Updates
- The European Central Bank’s Pontes distributed ledger project is scheduled to launch on September 21.
- Phantom will end support for Sui on September 24.
- Binance will delist Pax Dollar (USDP) at 11:00 on September 24.
Token Unlocks
- Bedrock (BR) will unlock 40.63 million tokens on September 20, worth approximately $21.08 million and representing 18.68% of the circulating supply.
- LayerZero (ZRO) will unlock 25.71 million tokens on September 20, worth approximately $26.48 million and representing 4.22% of the circulating supply.
- KAITO (KAITO) will unlock 17.66 million tokens on September 20, worth approximately $5.21 million and representing 3.83% of the circulating supply.
- River (RIVER) will unlock 19.11 million tokens on September 22, worth approximately $23.70 million and representing 37.58% of the circulating supply.
- SOON (SOON) will unlock 20.33 million tokens on September 23, worth approximately $3.66 million and representing 3.62% of the circulating supply.

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