Ahead of tonight's Federal Reserve interest rate decision, stablecoin inflows are rising. Aside from the almost certain 25 basis point rate cut, traders are also watching for signs that the Fed will slow its balance sheet reduction, which would further ease financial conditions and could be a potential boon for risk assets. Trading activity is currently flat, with liquidity on centralized exchanges dropping significantly, and order book depth only 40% of pre-1011 liquidation levels. According to Wintermute data, stablecoin supply has risen again for the first time since September, indicating that "macro tailwinds are translating into new inflows." Meanwhile, perpetual futures funding rates for most major tokens have now turned positive again, and open interest for BTC and ETH is "rebuilding at a robust pace." While Uptober (the October rally) shows slight signs of a false breakout, macro tailwinds, cooling inflation, stabilizing geopolitical tensions, and a dovish Fed are laying the groundwork for the remainder of the year's rally. Historical data shows that the fourth quarter has consistently been Bitcoin's strongest period. (coindesk)