Stablecoin supply has fallen by $14.2 billion over the past month, putting Bitcoin at risk of potentially dropping to $70,000. CryptoQuant’s 30-day Apparent Demand indicator fell to negative 284,000 BTC, its lowest level since March 28, 2025. U.S. spot Bitcoin exchange-traded funds recorded $1.6 billion in net outflows over 20 trading days. Losses among recent buyers continue to widen, and if Bitcoin rebounds to short-term holders’ cost basis of around $75,600, they may be prompted to sell at breakeven.