I am currently reading a very interesting article on impact of delayed cord clamping at >30 seconds to 180 seconds vs clamping at <30 seconds of life and at 34 weeks gestation an approximate 40% of the baby's blood volume is held in the placenta. With fast cord clamping and elevation of infant at 60 cm above level of the introitus the baby would have easily lost that blood volume upon clamping if not a little more via venous gravitational flow.