Data Verification of GMX Bull Market Death Spiral FUD: Will GMX Collapse in a Bull Market?

My first reaction was to treat this as a joke. GMX is one of the best-performing DeFi protocols of 2022. A bull market would only increase its popularity and push $GMX price higher. But after repeated thinking, I realized this isn't complete nonsense. So I tried to use data to verify whether the above scenario could really happen. My findings are as follows: In a bull market, basically no traders will short on GMX. A long-dominated GMX would reduce GLP returns to some extent, but this doesn't mean liquidity providers will exit because of it.