November's official manufacturing PMI from China dropped to 49.2, missing the 49.4 forecast. That's the eighth straight month below 50 - officially the longest contraction streak we've seen.

The non-manufacturing PMI isn't looking much better either. Construction and services sectors are showing similar weakness.

For anyone watching macro trends in crypto, this matters. Weaker manufacturing data usually signals tighter liquidity conditions, and we know how that ripples through risk assets. When the world's second-largest economy keeps printing red numbers like this, it tends to show up in capital flows eventually.

Keep an eye on how Asian trading sessions react over the next few days.

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