U.S. November consumer credit growth was surprising. Data shows that consumer credit increased by only $4.3 billion month-over-month, well below the expected $10.08 billion and even less than the previous $9.18 billion.

What signals does this weak data send? Consumers are slowing down their spending. In a high-interest-rate environment, borrowing costs are rising, and consumer resilience may be weakening. For the crypto market, macroeconomic trends directly impact the attractiveness of risk assets—weakening consumption data usually indicates a marginal improvement in liquidity conditions but also reflects market uncertainty about future expectations.

Traders need to keep a close eye on such economic data. Every data point below expectations could alter market pricing of future policies.