Axie Infinity token AXS began seeing a large unlock of about 21.5 million AXS ( valued at about $218 million ) this week. Blockchain data shows Axie Infinity released the first batch of 10 million previously restricted tokens to early investors and insiders. A wallet tagged as "Axie Infinity: Token Vesting" transferred 785,334 AXS tokens (valued at $6.6 million) to six recipients. According to TokenUnlock, these recipients were listed as advisors and early investors in Axie's mid-2020 round of private sales.

Crypto asset management firm Arca, one of the institutional investors that purchased AXS during the private sale, received 437,500 AXS (about $4 million). And it already deposited freshly-claimed AXS tokens to the FTX exchange according to Etherscan and Nansen's blockchain data – a move that sometimes indicates an inclination to dump.

Blockchain data shows that another early investor claimed $1.7 million in AXS (187,500 tokens) and soon moved the tokens to the crypto exchange Binance. Transferring coins to exchanges indicates that these investors may dump their holdings, pocketing an immense profit on their original investment. Investors who participated in the private sale bought AXS at 8 cents. Since the crypto currently trades at around $9, they may pocket an 11,150% profit on their initial stake.