Both is possible. But I think the axle would come out in most cases. And the bearings might be pitted then, too.
I am not sure how "sensitive" those kind of bearings are to that kind of a hammer treatment. Because if I think for example about scooter motors. They have very similar sized bearings to hold the crankshafts inside the motor. If you replace them you have to press them onto the chankshaft, then put the shaft into one half of the motor housing. Then fit the other half. Both motor casing sides are pressed "over" the bearings by slowly tightening the motor bolts/fasteners. All forces ar conducted through the bearing balls. When the motor is pressed back together completely, the crankshaft would hardly move because of the tension on the bearings. You have to whack the crankshaft on both ends a few times, to reseat the bearings. Those bearings then live for 15000+ km. Thou treated very rough.