Below is the command to convert your PVE disk to a compressed QCOW2 file:
qemu-img convert -p -O qcow2 -c /dev/mapper/pve-vm–110–disk–0 VM110.qcow2
Note: Replace pve-vm–110–disk–0 with your actual disk name found in the Proxmox storage panel. VM110.qcow2 will be the output filename in your current directory.