Related Reading: Analysis: Crypto Heats Up As $35 Billion Enters Market In Under A Month The proximate trigger, in his telling, was "businesses panic‑loading inventories ahead of Trump tariffs, and markets front‑running the inflation narrative.” Those dynamics, he argued, are a replay of Donald Trump’s first term: "We’ve highlighted repeatedly: this had all the hallmarks of Q4 2016 during Trump’s first term.
Crypto Bulls Can Rejoice Bittel’s commentary on X framed the print with statistical precision: "Philly Fed data for May dropped yesterday – and the Future New Orders index just made history.Literally.… Expectations for new orders posted the largest monthly spike ever recorded – going all the way back to the index’s inception in May 1968.A staggering +4.3 standard deviation move.
"Everything flows downstream from changes in financial conditions… Purchasing managers’ expectations are shifting – and shifts in thinking eventually translate into action.Sentiment shifts first.Action follows.It always does.Bullish.” The crypto market responded muted.
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