Not facts but observations that the attraction Bitcoin used to drag Is nolonger that serious or active in the heart of people. Could it be that they're beginning to see Bitcoin as Smoke that can disappear after a while or the value added is no more booming.
Because I remember very well in 2020, everybody considered Bitcoin as option for investments and trade. This days people chose physical jobs compare to Bitcoin traders, is that research statements true or you can educate us more
In 2010, only a few invested in BTC, in 2015 skepticism was still high, and after 2017 it became clear to many that a lot of money could be made here. And then until today, the initiative was taken by those with deep pockets, and they still buy large amounts of BTC today, so I would not agree that the demand has decreased - on the contrary, the very fact that the price is above $100k speaks for itself.
What you're noticing is that the average Joe is no longer as enthusiastic about BTC because he thinks it's too expensive and won't achieve something like x20 in the near future as was the case in the past. Besides, most people in the world don't have much choice and can't afford not to do something in life - and I don't see that as an obstacle to investing in BTC.
Most just think that it's too late to hop onto the train and at least learn about BTC, unfortunately...
And, sure, 20x isn't what BTC is about - it's about something that is set in stone to greatness and adoption with lesser x's, more stability intact, though.