The anticipated altcoin season has been delayed as the U.S. ISM Manufacturing PMI for November fell to 48.2, below the expected 49, indicating continued economic contraction. This weak manufacturing data has been linked to a lack of liquidity and risk appetite necessary for altcoin rallies, according to analyst Bull Theory. Historically, altcoin seasons have coincided with PMI readings above 55, reflecting robust manufacturing activity. The current economic slowdown suggests that conditions for a broad crypto market surge are not yet in place, with potential improvements expected in 2026 if the PMI surpasses 50.