These past few days, I only have one feeling about on-chain data: the mempool is like a morning rush hour line.

You think clicking "send" is the end, but in reality, the transaction is first crowded at the entrance, and miners/validators only pick the more attractive ones.
When it's congested, it means repeatedly waiting, getting bumped, or even you adding more fees (basically paying to cut in line).
When the price fluctuates in the middle, the original buy/sell points are gone, and in the end, you feel like you're being pushed along by the tide.

People are also interpreting ETF capital flows, US stock risk appetite, and crypto market rises and falls together... I see it too, but I don't take it too seriously.
Whether the chain is congested or not, who is really paying to mine blocks, is often more honest than stories.

Too much information indeed causes anxiety. I now take a blunt approach:
Just focus on real transactions and the movements of a few old addresses.
Mute the grand narratives first, so my emotions don't explode in the mempool.