Odaily News 10x Research said in its latest report that after the July 31 FOMC meeting, the Federal Reserve postponed a key rate cut decision until September, stablecoin issuance increased sharply. In the next few weeks, nearly $10 billion in stablecoin issuance will flood the cryptocurrency market with liquidity, greatly exceeding the liquidity of Bitcoin ETFs. Circle is usually aimed at more regulated institutions, but the recent stablecoin inflows have been as high as 40%, indicating an increase in allocations by large market participants. USDC minting may indicate an increase in DeFi activity. Stablecoin inflows have reached $35 billion so far this year, bringing the total value of stablecoins in circulation to $160 billion. The sharp drop in US bond yields after the July FOMC meeting, with the 10-year US Treasury yield falling below the 4.0% threshold, triggered a resurgence in DeFi activity, and in August, Aave's monthly fees on the lending platform soared to $43 million, exceeding the peak of $42 million in March 2024. Although activity slowed in September, activity and fees may rebound after the Fed's recent rate cut. There has been a notable shift since last week’s FOMC meeting, with Bitcoin’s dominance having weakened while Ethereum’s gas fees have soared, aided by a surge in altcoin activity across the ecosystem. If the Fed remains willing to cut rates, the pursuit of high-beta altcoins could gain further momentum. Retail cryptocurrency trading activity in South Korea supports this trend, with daily trading volumes currently hovering around $2 billion. Although still below the $13 billion seen in early March 2024, altcoins have dominated trading over the past week, surpassing Bitcoin. If Trump is re-elected, he may seek to over-stimulate the U.S. economy, which could force the Fed to reverse its rate-cutting cycle as early as the first half of 2025. However, the focus for now is on Bitcoin’s recent breakout above $65,000, with a target of $70,000 in the next two weeks and an all-time high expected by the end of October. In addition, the likelihood of a fourth-quarter rally is extremely high, and gains may have already begun.