According to The Kobeissi Letter, Chinese exports to the US dropped by 34% in May 2025, marking the steepest fall since February 2020 and the second consecutive monthly decline (source: The Kobeissi Letter, June 9, 2025). This significant contraction in US demand for Chinese goods occurred despite a trade agreement reached on May 12th. For crypto traders, this sharp decline raises concerns about global risk appetite and liquidity, as trade slowdowns often lead to increased market volatility and risk-off sentiment, impacting both traditional and digital asset markets.