According to The Kobeissi Letter, the NFIB Small Business Optimism Index fell by 1.6 points in April 2025 to 95.8, marking its lowest level since October 2024. Six out of ten index components declined, with expectations for future business conditions showing the sharpest drop. This growing pessimism among US small businesses signals potential economic headwinds, increasing investor caution in risk assets, including cryptocurrencies. Historically, lower business confidence can lead to reduced liquidity and higher volatility in the crypto market as traders seek safer assets. Source: The Kobeissi Letter (Twitter, May 15, 2025).