[CryptoQuant: Bitcoin May Find Support at $110,000, Reducing Selling Pressure for Traders] According to CryptoQuant's analysis, Bitcoin is currently in a phase of slowing demand and profit-taking. Since July, Bitcoin's apparent demand has dropped from a peak of 174,000 BTC to the current 59,000 BTC, a decline of two-thirds. Meanwhile, demand from U.S. ETFs and institutional buyers has also significantly decreased, with the 30-day net ETF purchase volume falling to 11,000 BTC, the lowest since April this year. Market sentiment has shifted from 'extremely bullish' to 'cooling bullish,' and Bitcoin's price rally has slowed after breaking through $120,000. Additionally, since July, Bitcoin holders have realized a net profit of $74 billion, including $2 billion in profits realized by whale investors on August 16. CryptoQuant believes that Bitcoin's downside risk is limited, and $110,000 could serve as a support level. This price represents the realized price for on-chain traders and may reduce the selling pressure from market participants.