ISM Services PMI came in at 54.4, beating expectations of 52.3 and it was the strongest read since June. Pretty good news, but it's Manufacturing PMI that matters more. Services doesn't have that same correlation we've been tracking for crypto cycles. It's very consumer-focused and it doesn't capture the global liquidity & trade cycle. Services PMI data today is good because it tells us the economy isn't falling apart. But it's not the bull trigger. Manufacturing PMI is still at 47.9 and contracting. Historically, Manufacturing crossing above 50 has coincided with Bitcoin dominance peaking and alts outperforming. Still on standby waiting...(Dan Gambardello)