Germany just threw a curveball at the recession narrative. Industrial orders climbed an unexpected 5.6% in November, beating expectations and signaling stronger-than-anticipated demand in Europe's largest economy.

Here's why this matters: macro data like this moves sentiment across all risk assets, including crypto. When traditional economies show resilience, it can ease fears about a broader slowdown—potentially reducing safe-haven flows while keeping appetite for speculative positions alive.

The broader picture? Europe's manufacturing pulse just showed some life. Whether this holds or fades into another false dawn will be worth watching as we head into year-end.