The ISM has just reached the level that triggered the last two Bull Runs in Crypto.
2017: The ISM broke above 55 (peaking at 60.8); Altcoins exploded +15,000%, led by Ethereum’s rally from $8 to $1,400.
2021: The ISM hit its highest level since 1983 at 64.7; The total crypto market capitalization surpassed $1 Trillion for the first time in history.
2025: The ISM averaged 48.9. Altcoins remained dead despite BTC and ETH reaching all-time highs.
2026: The ISM finally holds above 54 after 2 years, setting the liquidity conditions for the next bull cycle.
A PMI above 50 means manufacturing production is expanding. Since early 2026, the ISM has stayed consistently above this line, meaning businesses are profitable and real economic activity is accelerating.
When manufacturing growth holds steady or climbs toward 60, it triggers a spillover of bank liquidity. Once traditional markets absorb what they can, that excess cash directly spills over into high-risk, high-reward assets like crypto.
This is what drove the parabolic runs of 2017 and 2021.
By comparison, in 2025 the ISM averaged 48.9 below the benchmark. Strong ETF flows pushed BTC and ETH to record highs, but because the broader economy stalled, zero liquidity reached the altcoins.
A strong ISM report today won’t lift altcoins overnight, but if this economic momentum continues to build, it sets the stage for another bull cycle similar to the last one. $BTC
🚨 CARDANO | PETROBRAS TESTS ITS BLOCKCHAIN The Brazilian state-owned oil giant Petrobras is testing the Cardano blockchain to track certificates linked to green fuels.
The initiative uses $ADA to help prevent double-counting of sustainable aviation fuel (SAF) credits and improve traceability of renewable diesel throughout its supply chain.
A new blockchain use case applied to industrial and energy processes
An interesting fact: historically, September has been a weak month for Bitcoin. In the table, the historical average is -2.41% and the median is -2.44%.