[Analyst: Bitcoin Investor Sentiment Shifting from 'Hesitation Zone' to 'Disappointment Zone'] According to a report by Jinse Finance, on-chain data analyst Murphy has analyzed that Bitcoin investor sentiment is shifting from the 'Hesitation Zone' to the 'Disappointment Zone.' Murphy pointed out that Bitcoin price cycles typically go through four emotional stages: Optimism Zone, Profit Zone, Hesitation Zone, and 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, whales holding 100-1,000 Bitcoins were actively accumulating, followed by whales holding 1,000-10,000 Bitcoins continuing the accumulation. However, large whales have now stopped accumulating, with some even starting to reduce their holdings, which reflects a lack of investor confidence. The analysis suggests that the market will need a prolonged period of correction or lower prices to attract demand and establish a new bottom consensus.