Axie Infinity released the first batch of 10 million previously restricted tokens to early investors and insiders, blockchain data shows. Crypto asset management firm Arca already deposited freshly-claimed AXS tokens to the FTX exchange – a move that sometimes indicates an inclination to dump.
Some 10 million of Axie’s AXS tokens owned by insiders and early investors will be unlocked soon, creating selling pressure. AXS price has dropped following prior unlocking.