TechFlow reported on January 20, according to on-chain data analyst Murphy, Bitcoin investor sentiment is shifting from the "hesitation zone" to the "disappointment zone." Murphy explained that Bitcoin price cycles typically go through four emotional phases: optimism zone, profit-taking zone, hesitation zone, and disappointment zone. Current market indicators suggest investor sentiment is transitioning from the third phase (hesitation zone) into the fourth (disappointment zone).
The analyst noted that between October and December 2025, whales holding 100–1,000 BTC actively accumulated, followed by those holding 1,000–10,000 BTC who continued the accumulation. However, large whales have now stopped accumulating, with some even switching to distribution mode—indicating weakening investor confidence. The analysis suggests the market will need either prolonged consolidation or lower prices to attract fresh demand before a new bottom consensus can form.
