Bitcoin demand slows, institutional interest declines, $110,000 may become support.

[On-Chain] On August 20, news from data platforms analyzed that Bitcoin is currently in a stage of slowing demand and profit pullback. Since July, the apparent demand for Bitcoin has dropped from a peak of 174,000 coins to the current 59,000 coins, a reduction of two-thirds. Meanwhile, the demand from U.S. ETFs and institutional buyers has also significantly decreased, with the net purchase amount of ETFs falling to 11,000 coins over the past 30 days, the lowest since April of this year. Market sentiment has shifted from "extremely bullish" to "cooling bullish," with Bitcoin's price slowing down after breaking $120,000. Additionally, since July, Bitcoin holders have realized a net profit of $74 billion, with whale investors realizing a profit of $2 billion on August 16. The data platform believes that the downside risk for Bitcoin is limited, with $110,000 possibly becoming a support level, as this price represents the realization price for on-chain traders, which may reduce the selling motivation of market participants.