Industrial profits are taking hits. November marked the second consecutive month of decline, signaling real headwinds for companies across the board. Here's what's actually happening: domestic demand isn't picking up steam, and deflationary pressures keep squeezing margins. When consumers aren't spending and prices are sticky on the downside, corporate earnings suffer. This kind of macro slowdown doesn't just stay in traditional markets—it ripples through everything. Weaker economic fundamentals typically coincide with tighter liquidity conditions and risk-off sentiment, which can reshape how capital flows into risk assets including crypto. Worth monitoring if you're thinking about broader market cycles and what macro tailwinds or headwinds might be coming.