XPL's Bitget Launch Ignites Volatility, Whale Profits, and $17M Liquidations

Bitget has announced the upcoming listing of Plasma (XPL) on its platform, with the token set to debut on the Bitget Launchpool from September 25 to 28, 2025. The initiative, which includes a total prize pool of 2.2 million XPL tokens, allows users to stake either BGB (Bitget’s native token) or XPL to participate. The BGB Lock Pool offers 2.075 million XPL, with VIP users eligible to lock up to 50,000 BGB and ordinary users up to 5,000 BGB. The XPL Lock Pool, meanwhile, allocates 125,000 XPL, with individual lock-up limits set at 1.25 million XPL. The staking period runs from 21:00 UTC+8 on September 25 to the same time on September 28title2^[2].

The Plasma team has also allocated 25 million XPL to early users who complete verification and participate in public sales, alongside $2 billion in stablecoins deployed across over 100 DeFi platforms on the project’s launch day. This includes partnerships with Aave, Ethena, and Euler, aiming to establish a USD-pegged market with competitive lending ratestitle10^[4]. The token’s listing on Bitget coincides with broader market speculation about its volatility, as pre-market trading saw XPL’s price surge from $0.40 to $1.80 before stabilizing at $0.40–$0.45. This volatility, however, was exacerbated by whale-driven manipulation, with four large wallets collectively earning $46 million in profits and triggering $17 million in liquidations.

Hyperliquid’s leveraged contracts for XPL further amplified trading activity, with volumes ranging between $49 million and $100 million post-listing. The platform’s 3x leverage attracted traders but also exposed vulnerabilities in low-liquidity environments, where price swings became more pronounced. Bitget’s listing of XPL is expected to enhance its liquidity and visibility, as exchange listings often drive increased trading activity and investor interesttitle1^[1]. However, the token’s pre-market dynamics highlight systemic risks, including concentrated liquidity and opaque governance, which could undermine retail investor confidence.

The Plasma blockchain itself positions XPL as a Layer-1 solution for stablecoin transactions, offering fee-free USDT transfers and Bitcoin-anchored security. These features aim to differentiate Plasma from competitors and drive long-term adoption. Meanwhile, Bitget’s broader strategy to expand BGB’s utility—through staking, payments, and DeFi integrations—aligns with its goal of creating a seamless CeFi-DeFi ecosystem. The exchange’s recent partnerships, including its role as the Official Crypto Partner of LALIGA and its collaboration with UNICEF for blockchain education, underscore its focus on global expansion and social impacttitle4^[3].

Analysts note that while the XPL listing could attract new capital to Plasma, the token’s susceptibility to manipulation raises concerns about its stability. The incident also underscores the need for enhanced safeguards in pre-market trading, such as Hyperliquid’s 10x EMA price cap and integration of external data sources. As the crypto market evolves, balancing innovation with regulatory oversight will remain critical for fostering trust in emerging projects like Plasma.