Something interesting caught my eye in the recent onchain data. Several key Bitcoin metrics are starting to mirror what we saw back in early 2022 when the bear market kicked off.

The data from a major analytics platform shows two particularly notable signals: buyer stress levels at the top are climbing again, and there's been a sharp uptick in the amount of supply now sitting underwater. These patterns don't guarantee history will repeat, but they're definitely worth keeping on your radar.

For context, when these same indicators aligned in 2022, we know how that year played out. Whether this time follows a similar path or breaks the pattern remains to be seen, but the parallels are hard to ignore.