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Canon will be officially announcing new firmware for the Canon Cinema EOS C70 next week. The new firmware will be available in March of 2022.
I do not have all of the information about this new firmware, but this should make a lot of C70 shooters quite happy.
About the coming firmware for the Canon Cinema EOS C70
The EOS C70 now offers users the ability to capture Cinema RAW Light internally to SD cards. RAW provides you with greater image quality and flexibility in post-production.
On top of the existing 10-bit XF-AVC currently found in the EOS C70, 12-bit Cinema RAW Light LT features data rates up to 645Mbps, offering much more manageable/efficient file sizes to streamline your workflow while retaining the same benefits of RAW. Simultaneous recording of Cinema RAW Light and XF-AVC Proxies is also supported.