Dragonfly Capital Unloads $2M in APEX Tokens on Bybit

Crypto-focused venture capital firm Dragonfly Capital transferred approximately $2 million in APEX tokens from its wallets to crypto exchange Bybit, according to blockchain analytics platform Arkham.

The transfer comes about two weeks after Dragonfly received the APEX tokens through a token unlock. Before the transfer, APEX ranked as Dragonfly's third-largest token holding behind Lighter (LIT) and Bitget Token (BGB), based on Arkham's wallet tracking.

APEX is the native governance and utility token of ApeX Protocol, a decentralized, non-custodial exchange that supports trading in crypto perpetual derivatives and spot assets. At the time of writing, APEX was trading at $0.2581, down 5.8% over the past seven days.