According to EnsoTrade order-flow data, GMX is in a deleveraging regime — long deleveraging — positions are unwinding as price falls, not new short conviction; recent taker flow favors sellers.
| Order-flow regime | DELEVERAGING |
|---|---|
| Mechanism | long deleveraging — positions are unwinding as price falls, not new short conviction |
| Open interest | $365,171 |
| OI change (6h) | -2.09% |
| Taker imbalance | -33.2% (sellers aggressing) |
Order flow shows which side of the GMX book is being absorbed before price moves. Combine the regime with funding and why GMX is moving to tell a real move from a trap.
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