November's US manufacturing surveys just dropped, and the numbers aren't pretty. Weakness persists across the board, reigniting those uncomfortable stagflation whispers we thought we'd left behind.

For crypto markets already navigating uncertainty, this adds another layer. When traditional economic indicators flash warning signs like this, risk assets historically feel the tremors first. The manufacturing slowdown isn't just a factory floor problem—it's a sentiment shift that ripples through every asset class.

Stagflation scenarios are particularly tricky: slowing growth meets stubborn inflation, leaving central banks in a policy bind. Worth watching how this plays out heading into year-end.