New York Fed Services Business Activity dropped to -16.1 in January, slightly recovering from December's -20.0. The uptick signals some stabilization in the services sector, though the negative reading still suggests ongoing weakness in business sentiment. For crypto markets, these Fed data points matter—they feed into broader expectations around monetary policy and economic conditions. When services activity weakens this much, it typically forces conversations about rate cuts or stimulus measures. Keep an eye on how markets digest this: softer economic data can shift macro narratives quick, and that trickles into everything from Bitcoin to DeFi capital flows.