The manufacturing data that came out last night poured cold water on the US economy.

The current U.S. economy is like a limping walk, entirely supported by the service industry. What about manufacturing? The ISM index is still hovering below the 50 threshold and is continuing to decline. After a year of efforts by the authorities, the manufacturing sector has not improved; instead, it has gone backwards. The pressure on the revitalization plan is immense.

On Wednesday, we need to watch the service industry data. If the service industry also performs poorly, the expectations for interest rate cuts might rise. But here comes the problem - the interest rate hike expectations in Japan are still there; if U.S. data is weak, the three pillars of the dollar, U.S. bonds, and U.S. stocks will all face pressure. The crypto market will inevitably follow suit with fluctuations.

Of course, if the service sector data holds steady on Wednesday, or even increases slightly, the market's confidence may recover a bit.

At this time, the impact of macro data on crypto trends is becoming increasingly evident. With pressure on dollar assets, where will the funds flow? It is worth keeping a close watch.