Dragonfly sends $2M in APEX tokens to Bybit after unlock

Dragonfly Capital transferred roughly $2 million worth of APEX tokens to the Bybit exchange on July 29, on-chain analytics firm Arkham reported. The tokens had been unlocked just two weeks earlier.

The move raised the question of whether a major venture backer is taking profits or repositioning liquidity. Dragonfly had been among the earliest institutional investors in ApeX Protocol, participating in the first funding round alongside Tiger Global and Jump Trading.

Bybit is the natural destination for any APEX token sale. The project’s initial token distribution ran through Bybit Launchpad 2.0 in April 2022, giving the exchange a central role in the token’s liquidity.