Prior to the unlock, AXS was one of the worst-performing crypto assets by dropping 24% in a week, according to Messari. Traders positioned themselves for dropping further, building up shorts – bets designed toprofit from an asset’s price fall – and funding rates tilted overwhelmingly negative on most exchanges, according to data by Coinglass.
Crypto Game Axie’s AXS Token Gets Unlocked, Just as Short Squeeze Drives Up Price
