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CryptoQuant Analysis: Bitcoin may find support at $110,000, dropping sell-off momentum.
According to news from Hash World, CryptoQuant analysis suggests that Bitcoin prices may find support at $110,000, which would reduce the selling momentum of traders. Currently, Bitcoin is in a phase of slowing demand and profit-taking. Since July, the apparent demand for Bitcoin has decreased from a peak of 174,000 coins to the current 59,000 coins, a reduction of two-thirds. Meanwhile, demand from U.S. ETFs and institutional buyers has also significantly decreased, with the net purchase volume of ETFs over the past 30 days dropping to 11,000 coins, the lowest since April this year. Market sentiment has shifted from "extremely bullish" to "cooling bullish," with Bitcoin price momentum slowing after breaking through $120,000. In addition, since July, Bitcoin holders have realized a net profit of $74 billion, with whale investors realizing a profit of $2 billion on August 16. CryptoQuant believes that the downside risk for Bitcoin is limited, and $110,000 may become a support level, as this price corresponds to the realization price for on-chain traders, potentially reducing the selling momentum of market participants.
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