Bitcoin Investor Sentiment Shifts Towards Disappointment, Analyst Reports

Bitcoin investor sentiment is transitioning from a state of hesitation to disappointment, according to ChainCatcher. On-chain data analyst Murphy explains that Bitcoin's price cycles typically go through four emotional stages: optimism, profit-taking, hesitation, and disappointment. Current market indicators suggest a shift from the third stage, hesitation, to the fourth stage, disappointment. The analyst notes that between October and December 2025, whales holding 100 to 1,000 Bitcoins were actively accumulating, followed by those holding 1,000 to 10,000 Bitcoins. However, large whales have now ceased accumulation, with some even reducing their holdings, indicating a lack of investor confidence. The analysis suggests that the market needs either a prolonged period of correction or lower prices to attract demand and establish a new consensus on the bottom.