You can tell from this snippet that it was the later rounds of the fight, as fatigue affected both fighters in different ways.
Fighter in black was winning the round by being more active but throwing reckless haymakers and sloppy combinations in order to end the fight. Smart move to attack when your opponent is weak and vulnerable, but don't leave your guard down.
Fighter in grey did a great job of keeping his defenses up, even though he was clearly out of gas. He kept his guard up , gave his opponent a small target, used the ropes, even went low and caused his attacker to lose his footing (and shoe) giving him more time to rest.
I'd say he did his best to escape the round without a knockout, but that flurry clearly put him behind on the scorecards, and I would assume he would need a knockout to win the fight. Not an impossible task for the fighter in grey if he could just be patient and take advantage of the sloppy flurries and counter with some precise well timed shots.