On-chain metrics vs. market sentiment for BTC

Been looking at the divergence between what some of the on-chain metrics are showing for $BTC and the general sentiment that seems to be permeating the market lately. While we've seen some pretty clear accumulation phases and wallet growth, the price action has felt a bit more range-bound than those fundamental signals might suggest. It almost feels like the market is waiting for a broader macro catalyst, similar to how $GOOGL is hovering, rather than solely reacting to its own internal metrics. I'm wondering if we're hitting a point where on-chain is becoming more of a lagging indicator, or if the sheer volume of new participants means sentiment just overwhelms pure data for longer periods now. Am I off base here? Push back on this thought.