How a single macro indicator crushes the appetite for risk
Every month, the crypto market tries to revive, but any local impulse quickly fades. Bitcoin is stuck in a weak sideways trend, altcoins look even worse. What is the reason? Often it hides in a single indicator - PMI, which many investors underestimate.
PMI is not a report from the past quarter, but a thermometer of real business right now. If the indicator falls, companies reduce orders, cut investments, and prepare for declining profits. For large funds, this is a signal: risks are increasing, liquidity needs to be preserved, not scattered across markets.
Therefore, crypto is not gaining momentum: PMI remains in the contraction zone. As long as the US manufacturing sector is in the negative, institutions are not expanding risk and are focusing on defensive assets. Even record highs in stock indices do not change anything here — PMI reflects the fundamental weakness of the economy, which determines capital flows.
When PMI confidently returns to the positive zone, the crypto market will receive long-term fuel. Until then, all upward movements will be technical, not structural.
