Capital is flowing out of GameFi – Technical adjustment or a signal of retreat?

Looking at today's gaming table, I wouldn't call this a "collapse", but it's clear that a short-term sell-off is taking place on a large scale. 9 out of 10 tokens are down over 5%, with AXS, GMT, NOT, SAND dropping over 8%. This is not an isolated phenomenon – it is a consensus among price, OI, and volume.

Volume has plummeted in AXS, MANA, NOT, GMT

AXS volume -47.46%, MANA -30%, NOT -25%, this is a signal indicating that the market is withdrawing orders rather than reversing positions. Short-term capital is not rotating but is standing aside.

A significant drop in OI is a more concerning point

SAND (-15.33%), AXS (-16.37%), GMT (-17.63%) have all witnessed a sharp decline in OI. This means leveraged traders are no longer eager to hold positions – and when both Spot and Futures are withdrawing, the trend can easily extend longer than expected.

Only GALA maintains an increased volume of +46.21% despite the price drop

To me, this is a form of "shaking the tree to scare the monkeys". Volume is coming in but the price remains red, indicating there is some underlying absorption. If BTC stabilizes, GALA could be the first token to recover in the gaming group.

Personal strategy:

- I am not trying to guess the bottom, especially with the highly volatile GameFi group. But I am closely monitoring 3 factors:

- Funding fee turns negative but price does not drop deeply anymore

- OI reverses and increases slightly

- GALA holds the price range below 0.019 without breaking down

As long as the above conditions are not met, I will just stand aside to observe and preserve capital.