Analyst: Bitcoin investor sentiment is shifting from the "hesitation zone" to the "disappointment zone."

According to on-chain data analyst Murphy, Bitcoin investor sentiment is shifting from the "Hesitation Zone" to the "Disappointment Zone." Murphy pointed out that the Bitcoin price cycle typically goes through four emotional stages: the Optimism Zone, the Profit-Taking Zone, the Hesitation Zone, and the Disappointment Zone. Current market indicators show that investor sentiment is transitioning from the third stage (Hesitation Zone) to the fourth stage (Disappointment Zone).

The analyst stated that during the period from October to December 2025, the whale group holding 100-1000 Bitcoins had actively increased their holdings, followed by the whale group holding 1000-10000 Bitcoins taking over the accumulation. However, large whales have now stopped accumulating, with some even shifting to a reduction in holdings, which reflects a lack of investor confidence. The analysis suggests that the market needs to attract demand through a prolonged recovery or lower prices in order to build a new bottom consensus.