According to The Kobeissi Letter, the Global PMI New Export Orders index fell by 2.6 points in April, reaching 47.5, its lowest level since late 2022. This represents the sharpest drop since August 2023 and indicates a continuous decline in goods exports since the second half of last year, except for March. For crypto traders, this significant downturn in global trade may heighten uncertainty and volatility across digital asset markets, as reduced global demand can dampen risk appetite and liquidity flows (Source: The Kobeissi Letter, May 13, 2025).