Last night, he reached out to me again to buy ETH for his second Axie team, but this time I said no.
I don't understand you clear here. Why did you stop your friend to buy ETH when he needed ETH to buy the Axie game ? The price of ethereum is still undervalued and think that your friend will play Axie and generate a lot of income. I think you should again advice your friend to go for it and try his luck in the Axie game.