According to @rovercrc, the current Purchasing Managers' Index (PMI) backdrop suggests Bitcoin (BTC) is not near a market top. Source: Crypto Rover on X, Oct 5, 2025. PMI readings are interpreted around the 50 threshold, where above 50 indicates expansion and below 50 indicates contraction, providing a leading gauge of business conditions used by market participants to assess risk appetite. Source: Institute for Supply Management (ISM) PMI methodology; S&P Global PMI methodology. For trade timing, monitor the monthly ISM Manufacturing PMI and S&P Global US PMI prints released at the start of each month, as these are widely watched macro releases that inform positioning across risk assets including BTC via their read on growth momentum. Source: ISM release notes and calendar; S&P Global release notes and calendar. A constructive macro backdrop for trend-following BTC strategies is typically characterized by PMI holding above 50 and improving, whereas sustained deterioration in PMI has been used by traders as a de-risking signal. Source: ISM PMI interpretation guide; S&P Global PMI user guidance.

According to @MilkRoadDaily, the latest PMI is 48.7, which is below the 50 expansion threshold defined by the Institute for Supply Management, source: @MilkRoadDaily and Institute for Supply Management. According to @MilkRoadDaily, when PMI breaks above 50, BTC typically leads first, then Bitcoin dominance declines, and finally altcoins outside the top 10 outperform, source: @MilkRoadDaily. According to @MilkRoadDaily, traders should monitor a confirmed PMI move above 50 and a rollover in BTC dominance as rotation signals before adding exposure to non-top-10 altcoins, source: @MilkRoadDaily.

According to the source, altseason tends to perform best when the ISM Manufacturing PMI is above 50 and cites an unusually long period of sub-50 readings as context (source: the source). ISM defines PMI values above 50 as expansion and below 50 as contraction and publishes the index monthly on the first business day at 10:00 ET (source: Institute for Supply Management). For trading, monitor the next PMI print alongside crypto breadth indicators such as Bitcoin dominance (BTC.D) and Total3 to confirm rotation into altcoins and adjust beta accordingly (source: TradingView market indices). To validate liquidity tailwinds, cross-check US M2 and financial conditions via the Fed’s H.6 release and the Chicago Fed NFCI before sizing altcoin exposure (source: Board of Governors of the Federal Reserve System; Federal Reserve Bank of Chicago).

According to @MilkRoadDaily, the ISM index is currently at 48 and a sustained breakout above 50 would signal that the bulls are really running. According to the Institute for Supply Management, PMI readings above 50 indicate expansion and below 50 indicate contraction, making 50 a critical threshold traders watch. According to @MilkRoadDaily, monitoring a confirmed move above 50 can help gauge risk appetite in risk assets, including the crypto market.

According to @MilkRoadDaily, several macroeconomic indicators suggest a bullish outlook for the cryptocurrency market. Global liquidity is reportedly hovering around all-time highs, a condition that historically supports the growth of risk assets like cryptocurrencies. Furthermore, the source's macro team anticipates the Institute for Supply Management's (ISM) Purchasing Managers' Index (PMI) will surpass the 50-point threshold in August or September. A PMI reading above 50 has historically been correlated with the beginning of an 'alt season,' signaling potential significant gains for alternative cryptocurrencies beyond Bitcoin (BTC).