The manufacturing sector just posted its ninth consecutive monthly decline according to the latest index readings. That's three quarters of sustained contraction—a streak that's hard to ignore.

For those watching macro signals, this manufacturing slump could matter more than it seems on the surface. Persistent weakness in production often precedes shifts in monetary policy, and we all know how sensitive crypto markets can be to rate expectations and liquidity conditions.

While traditional finance analysts debate recession probabilities, the crypto space might want to pay attention. Manufacturing data like this tends to move the needle on risk appetite across all asset classes.