Zcash led the losses and is still up 128% on the month

Ninety-five of the CoinDesk 100 closed lower and Zcash led the decliners, CoinDesk reports, in a crypto market selloff that followed Thursday's producer price data. Put the day beside the month and the leaderboard turns over.

Daily against thirty-day, from CoinGecko this morning:

• Zcash: down 9.1% on the day, up 128.2% on the month. It would need to fall 56% from here to give the month back.
• Hyperliquid: down 4.1%, up 46.4%. Twenty-two hours of yesterday would have to repeat to erase it.
• XRP down 2.2% and up 32.5%. Solana down 1.8% and up 30.8%. Bitcoin down 1.2% and up 21.1%.
• Tron: down 0.2% on the day, up 1.1% on the month. The one that held is the one with nothing to hold.

Leading the losses and being the worst asset are different things. Zcash gave back a slice of a run that is still the largest monthly gain among the majors, and the only coin that avoided the selling is the only one with no monthly gain to protect.

The move was in rates

The real move happened in rate expectations, not in crypto. Interest rate futures now put the odds of a Federal Reserve increase at the 15 and 16 September meeting near 70%, against roughly even money two weeks ago. Thirty-year Treasury yields reached a 19-year high, the 10-year pushed toward 5%, and Brent crude jumped more than 6% above $107.

Higher real yields take money out of crypto through two doors at once. Government debt starts paying enough to compete with an asset that pays nothing, and leverage gets more expensive to carry. Equities felt the same thing, with the S&P 500 down for a fourth straight session.

One correction to what we published yesterday. We reported that the producer index matched forecasts on the monthly and core readings, which it did. On the annual figure it overshot: 5.4% against a 5.1% expectation, and that gap is what moved the tape.

Joel Kruger of LMAX Group summed up the positioning.

“Markets are already positioned for a more hawkish Fed and a likely rate increase.”

— Joel Kruger, LMAX Group, 11 September 2026

Joel Kruger, LMAX Group, quoted by CoinDesk, 11 September 2026

Note the direction. The reading circulating on Wednesday said soft producer inflation would give the Fed room to cut. Futures moved the other way within the day, and the market is now paying for protection against a rise.

A thousand dollars of cushion

Bitcoin trades at $77,270 as we write, which leaves $1,000 between it and the $76,270 level Bitget's Lewis Huang named before the print, a 1.3% cushion. Bitcoin has not traded below that line since the August rally began, so it is a level with a short history rather than a long one.

August consumer prices land at 08:30 in New York, with headline inflation expected at 3.4% and core at 2.4%. Yesterday's release moved the price $1,283 inside one hour, and today's arrives in the same minute of the day, four days before the meeting the futures are pricing.

None of this should be read as personalized investment advice.