On-chain vs. Macro: Is the 'easy money' narrative blinding us?

Been following the $BTC charts and all the on-chain data everyone's touting, and while I appreciate the depth, I can't shake the feeling that too many are getting tunnel vision. There's so much chatter about illiquid supply, SOPR, MVRV, all pointing to continued bullish momentum, almost as if these indicators exist in a vacuum. But what about the broader macro picture?

We're seeing things like $XOP at 180.49 and even $VNM dipping to 17.16 – these are not isolated movements. The global liquidity situation, the interest rate environment, and just the general risk-off sentiment in other markets seem to be getting less airtime than they should in the Bitcoin narrative. I keep wondering if the 'easy money' or 'institutional adoption' story is strong enough to completely decouple Bitcoin from wider economic shifts, especially given its relatively short history as a major asset. Is it possible that the on-chain strength is just a reflection of current sentiment rather than a reliable predictor in a truly challenging macro environment?

Would love to hear some pushback here. Am I overthinking the macro, or are we perhaps putting too much weight on on-chain indicators without adequately accounting for the bigger picture?