On-chain metrics vs. Macro tailwinds for BTC

It's increasingly tough to square some of the more bullish on-chain sentiment with the broader macro picture. While I see the arguments for accumulation, the sheer volume of global liquidity still feels constrained, especially with $NG dropping and the general risk-off sentiment in commodities. It's not quite a $DEFI type situation, but I can't shake the feeling that the on-chain data, while usually predictive, might be lagging the macro elephant in the room this time around. Feels like we're pricing in a recovery that isn't fully supported by the wider economic landscape. Change my mind.