According to The Kobeissi Letter, the Dallas Fed Manufacturing Index dropped sharply by 19.5 points in April 2025 to -35.8, marking its lowest level since the 2020 pandemic and far below the expected -14.2 points. New orders also saw a steep decline, falling 19.9 points to -20.0, the lowest since November 2022, while companies’ outlook dropped 17.6 points. These unexpectedly weak economic signals may trigger risk-off sentiment among traders, potentially increasing volatility in both equity and cryptocurrency markets as investors reassess growth prospects and seek safe-haven assets (source: The Kobeissi Letter via Twitter, May 1, 2025).