I have been analyzing on-chain metric these days. Tbh none of it makes sense to me. Eg: If I transact or consolidate on-chain, it comes under realized price🤷🏻 (even ordinals) or the way they calculate multiplier effect or it would show Long-term holders are selling their coins but in reality it’s GBTC offloading it’s bitcoins. The problem is these metrics are unidimensional. It assumes that people use bitcoin network just for buying and selling purpose.