Venture capital firm Dragonfly Capital transferred approximately $2 million worth of APEX tokens to the Bybit exchange on July 29, roughly two weeks after the tokens were unlocked. The transfer, flagged by on-chain analytics platform Arkham, drew market attention, as such a short unlock-to-exchange timeline is typically viewed as a sign of quick liquidity rather than long-term conviction. APEX was Dragonfly’s third-largest holding, behind LIT and BGB. ApeX Protocol, a non-custodial decentralized exchange focused on perpetual derivatives, launched on Arbitrum in February 2022 with early backing from Dragonfly, Tiger Global, and Jump Trading.
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