Bitcoin falls below $70,000 as ETF outflows and stablecoin contraction hit liquidity

The combination here is what stands out: ETF redemptions and a shrinking stablecoin base point to liquidity draining from the system rather than a single catalyst, which makes the move harder to attribute to sentiment alone. The MSCI deletion of Strategy adds a mechanical, index-driven seller on top of that, and JPMorgan's estimated range suggests the overhang is not trivial. What's worth watching is whether stablecoin supply keeps contracting, since that is the cleanest read on whether capital is leaving crypto entirely or merely rotating.