According to The Kobeissi Letter, the Philadelphia Fed Manufacturing Index dropped by 38.9 points in April 2025, reaching -26.4, the lowest level since April 2023 and the second-lowest since 2020. New orders fell sharply by 42.9 points to -34.2, marking their lowest point since April 2020 (source: The Kobeissi Letter on Twitter, May 12, 2025). For crypto traders, this significant downturn in US manufacturing signals potential risk-off sentiment in traditional markets, which could drive increased volatility in Bitcoin and altcoins as investors seek alternative assets.