XPL's Debut on Bitget Sparks Market Turbulence, Major Investor Gains, and $17 Million in Liquidations

Bitget has revealed that Plasma (XPL) will soon be available on its platform, with the token launching on Bitget Launchpool from September 25 to 28, 2025. This event features a prize pool totaling 2.2 million XPL tokens, and participants can stake either BGB (Bitget’s own token) or XPL to join. The BGB Lock Pool contains 2.075 million XPL, permitting VIP members to lock up to 50,000 BGB and regular users up to 5,000 BGB. The XPL Lock Pool, on the other hand, offers 125,000 XPL, with a maximum individual lock-up of 1.25 million XPL. Staking will be open from 21:00 UTC+8 on September 25 through the same hour on September 28 title2 [ 2 ].

The Plasma team has set aside 25 million XPL for early adopters who complete verification and take part in public sales, in addition to $2 billion in stablecoins distributed across more than 100 DeFi platforms at launch. This rollout involves collaborations with

, , and Euler, with the goal of building a USD-pegged market that offers attractive lending rates title10 [ 4 ]. The introduction of XPL on Bitget comes amid heightened market attention regarding its price swings, as pre-market trading saw XPL climb from $0.40 to $1.80 before settling between $0.40 and $0.45. These sharp movements were largely driven by large holders, with four major wallets collectively making $46 million in gains and causing $17 million in liquidations.

Trading activity surged further with Hyperliquid’s leveraged XPL contracts, as volumes fluctuated between $49 million and $100 million after the listing. The platform’s 3x leverage drew in traders but also highlighted the risks of low-liquidity markets, where price volatility intensified. Bitget’s addition of XPL is anticipated to boost both its liquidity and exposure, since exchange listings typically spark greater trading and investor engagement title1 [ 1 ]. Nevertheless, the token’s pre-market performance exposes underlying risks, such as concentrated liquidity and unclear governance, which may erode confidence among retail investors.

The Plasma blockchain positions XPL as a Layer-1 network for stablecoin transfers, featuring zero-fee

transactions and security anchored to Bitcoin. These aspects are designed to set Plasma apart from its rivals and encourage long-term use. At the same time, Bitget’s broader plan to expand BGB’s functionality—covering staking, payments, and DeFi applications—supports its vision of a unified CeFi-DeFi ecosystem. The exchange’s latest alliances, such as becoming the Official Crypto Partner of LALIGA and working with UNICEF on blockchain education, highlight its commitment to global reach and social responsibility title4 [ 3 ].

Experts point out that while XPL’s listing could draw fresh investment to Plasma, its vulnerability to market manipulation raises questions about its reliability. The recent events also emphasize the importance of stronger protections in pre-market trading, like Hyperliquid’s 10x EMA price ceiling and the use of external data feeds. As the crypto sector develops, maintaining a balance between innovation and regulatory measures will be essential for building trust in new projects such as Plasma.