A broad market retreat at the start of September erased $361 million in leveraged crypto positions over a 24-hour window, while Dogecoin’s slide pushed the meme token out of the top 10 digital assets by market value.

The downturn hit major cryptocurrencies and US equities alike, with Bitcoin, Ethereum, Solana and Dogecoin all posting losses alongside the S&P 500. The synchronized decline underscores how tightly crypto has become tethered to macro sentiment, particularly around Federal Reserve policy.

Billy Markus, the Dogecoin co-founder who posts on X under the handle Shibetoshi Nakamoto, captured the mood with a sardonic post showing a screen full of red numbers. “September starting great as always,” he wrote, pairing the comment with…