US Macro Data (PMI, December )

▪️ Services Sector PMI (S&P Global):
FACT: 52.5
FORECAST: 52.9
PREVIOUS: 54.1
→ The services sector is slowing down faster than expected.

▪️ Composite PMI:
FACT: 52.7
FORECAST: 53.0
PREVIOUS: 54.2
→ Overall business activity is declining, and the growth momentum is weakening.

Why the crypto market is reacting with declines

1️⃣ Slowing down of a key US economic sector
The services sector is the main driver of US GDP. Its cooling heightens concerns about economic slowdown, not a "soft landing."

2️⃣ Risk-off moment
Weak PMI = expectations:
• decline in corporate earnings,
• deterioration of business activity,
• increased uncertainty.

At such moments, crypto reacts first and more sharply than the stock market.

3️⃣ Data does not accelerate Fed easing
PMI is weak but not critical.
They do not signal the market for:
• faster QE,
• aggressive rate cuts.

→ No additional bullish catalyst.

4️⃣ Position fixing amid accumulated growth
The market previously responded to:
• increased liquidity,
• Fed T-bill purchases.

The data became a reason for a short-term correction, not a trend reversal.

The current decline in the crypto market is tactical:
• macro conditions have worsened moderately,
• systemic risks have not increased,
• liquidity remains a supporting factor.

For now, it looks like a correction based on data, not the start of a reversal.