November just delivered some sobering economic signals from China. Factory output hit a 15-month low, and retail sales growth slowed to its weakest level since the post-zero-COVID reopening. That's a pretty stark picture of demand weakness heading into next year.

What does this mean? Beijing clearly needs fresh growth drivers ASAP. When major economies struggle, capital flows shift—and crypto markets often feel these macro tremors. Slower growth in the world's second-largest economy typically triggers either stimulus expectations (risk-on) or riskier asset selloffs (risk-off), depending on confidence levels.

The takeaway: watch for policy moves in early 2026. If China doubles down on stimulus, liquidity could flow into various asset classes including crypto. If not, tighter conditions might persist longer than expected.