GRAM’s drop has been quiet, but OI tells the story: down 0.43% over 15m and 1.33% over 1h, with notional value falling by $360,000. After several consecutive periods of deleveraging, its OI anomaly percentile hit 97%, ranking #10 across the entire pool. Price also broke below the lower end of the recent 20-candle 5m range. 15m volume surged to 2.59x, and taker flow delta was -41.5%, with sellers in control. But structurally, this looks like long stop-losses and shrinking positions, not shorts re-entering. 24h trading volume is only $9M, and market depth is average. After this stretch of deleveraging, watch who steps in—don’t rush to call the bottom.