PANews reported on August 20th that according to CryptoQuant analysis, Bitcoin is currently experiencing a period of slowing demand and profit-taking. Since July, apparent demand for Bitcoin has fallen by two-thirds, from a peak of 174,000 to the current 59,000. Meanwhile, demand from US ETFs and institutional buyers has also declined significantly, with 30-day net ETF purchases falling to 11,000, the lowest since April this year. Market sentiment has shifted from "extremely bullish" to "cooling bullish," and Bitcoin's price has slowed after breaking through $120,000. Furthermore, since July, Bitcoin holders have realized $74 billion in net profits, including $2 billion in profits by whale investors on August 16th. CryptoQuant believes that Bitcoin's downside risk is limited, with $110,000 likely acting as support. This price, realized by on-chain traders, could reduce market participants' incentive to sell.