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

According to Mars Finance, on-chain data analyst Murphy's analysis, Bitcoin investor sentiment is shifting from the "hesitation zone" to the "disappointment zone." Murphy points out that Bitcoin price cycles typically go through four emotional phases: optimism, profit-taking, hesitation, and disappointment. Current market indicators show that investor sentiment is transitioning from the third phase (hesitation zone) to the fourth phase (disappointment zone). Analysts say that between October and December 2025, whales holding 100-1000 Bitcoins actively increased their holdings, followed by whales holding 1000-10000 Bitcoins. However, large whales have now stopped accumulating, and some have even started reducing their holdings, indicating a lack of investor confidence. The analysis suggests that the market needs a prolonged period of correction or lower prices to attract demand and build a new bottom consensus.