According to The Kobeissi Letter, the ISM Manufacturing PMI index dropped to 48.7 in April 2025, marking the lowest reading since November 2024 and the second consecutive month of contraction (Source: The Kobeissi Letter, Twitter, May 2, 2025). New orders rose slightly to 47.2 but stayed below the expansion threshold for a third month. For cryptocurrency traders, persistent manufacturing weakness signals rising recession risk and could drive short-term volatility in Bitcoin, Ethereum, and altcoins due to shifting risk sentiment and potential changes in Fed policy.