Bitcoin nears a $70K support test as Hyperliquid stablecoin supply climbs 8.25%

Bitcoin is hovering near the $70,000 area after more than $10 billion+ in market value was wiped out this week, alongside a shift in sentiment into "extreme fear". Over the same period, stablecoins saw $2 billion+ in net outflows, while Hyperliquid’s stablecoin supply rose 8.25% (about $500 million+), signaling possible liquidity rotation. Spot Bitcoin ETFs also logged $1.4 billion+ in net outflows this week, adding to downside pressure risks around the $70K level.