Factory output signals are flashing red again. According to latest polling data, China's manufacturing activity is expected to contract for the ninth consecutive month, signaling persistent weakness in the world's second-largest economy. When major industrial centers struggle, it typically reshapes global capital flows and investor risk appetite. For crypto markets, this kind of macroeconomic headwind often triggers shifts in how institutions and retail traders allocate across asset classes. Contraction cycles like these can either push money into safe havens or redirect capital toward alternative hedges—and digital assets sometimes find themselves in the latter category depending on broader sentiment and liquidity conditions.