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Investing.com -- Bitcoin HODLers—those who have owned BTC for more than six months—have turned net buyers for the first time since September, according to Compass Point Research.
This shift from sellers to buyers is seen as a bullish signal, as HODLer behavior typically serves as a leading indicator for Bitcoin’s price, according to the firm.
"Buying/selling from HODLers is typically a leading indicator for BTC," the report states, highlighting that their recent activity could indicate an impending price rally.
This change in HODLer sentiment comes amidst signs of broader stabilization in the cryptocurrency market.
Compass Point notes that over the past week, Bitcoin has gained 4%, recovering from a dip as low as $77k.
Meanwhile, Bitcoin futures funding rates have also risen, averaging around 3%, signaling an improvement in market sentiment.
Despite a decline in weekly crypto trading volumes, Compass Point says the fact that HODLers are now accumulating BTC again is seen as a positive sign for the market.
The Fear and Greed Index is also said to be showing recovery, rising from 15 to 22 on a scale of 100, suggesting that market participants are becoming less fearful and more open to buying.
This aligns with the increase in stablecoin inflows, which reached $2bn last week, pushing the total supply to an all-time high, highlights Compass Point.
“Long-term HODLers were net buyers for the first time since September, after a period of significant selling since mid-October. This cohort now owns 65% of BTC supply vs 63% last week vs 73% in early October,” concluded the firm.