On-chain vs. price action right now for $BTC

Been watching the on-chain metrics pretty closely the last few weeks, and it feels like there's a growing disconnect. While a lot of the on-chain indicators are flashing pretty bullish signals – long-term holders accumulating, supply shock metrics looking strong – the actual price action has been a bit, well, sluggish. We're grinding sideways, seeing some pretty weak bounces off support, and frankly, the higher timeframe candles aren't exactly inspiring confidence. It makes me wonder if the 'smart money' on-chain is just early, or if we're seeing a classic bull trap where retail gets drawn in by the positive fundamental narrative while the broader market structure remains weak. I get the argument that on-chain eventually dictates price, but in the short-to-medium term, price is all that matters for most of us. Is anyone else feeling this tension, or am I missing something crucial in the current setup? Push back if you think I'm off base here.