Bitcoin Tests $70K Support as Spot Demand Stays Weak and Stablecoins Rotate

Bitcoin has climbed from $57,700 lows to test the $70,000 area by July 10, yet the advance remains fragile. Spot demand lingers near -78,000 BTC while spot Bitcoin ETFs recorded more than $1.4 billion in net outflows this week and the Coinbase Premium Index fell to -0.17. A fresh $1 billion USDT mint has not translated into spot BTC buying; instead, stablecoin capital is rotating toward other assets such as Hyperliquid. Bitwise raised its floor estimate to $54,000, citing resilient ETF holders, but CryptoQuant’s Bull Score of 20 signals the move is likely a bear-market rally within the ongoing 248-day downtrend.