Manufacturing data just dropped some heavy numbers. China's factory activity has been shrinking for the longest consecutive period ever recorded, painting a grim picture of the world's second-largest economy. The contraction streak keeps extending as production metrics continue sliding downward.

This matters for crypto markets too. When major economies face headwinds like this, risk appetite typically shifts. Investors might rotate toward alternative assets or pull back entirely depending on how deep the slowdown goes. Worth watching how global liquidity flows respond to these manufacturing signals over the coming weeks.