Is on-chain data still as predictive for BTC as it once was?

Been diving into some of the on-chain metrics for Bitcoin lately, and I'm finding myself wondering if their predictive power is starting to wane a bit, especially with the increased institutional involvement. Things like SOPR or MVRV Z-Score felt incredibly insightful a few cycles ago, but now with ETFs and more traditional finance players in the mix, it feels like the market dynamics might be shifting faster than some of these indicators can adapt. It's almost like the retail-driven emotional swings, which these metrics often captured so well, are getting smoothed out by larger, more programmatic flows. Meanwhile, you've got broader macro factors like the $USDSEK at 9.4848 and even general market sentiment affecting things more.

I'm curious if others are seeing the same. Are we heading towards a point where these on-chain indicators become less about forecasting tops/bottoms and more about historical context, while price action and macro become the primary drivers? Would love to hear some pushback if you think I'm off base here.