Bitget Token (BGB) Surges Past $5, But Centralized Ownership Poses Risks

Bitget Token (BGB) recently saw a significant price surge, climbing 16% in one day to briefly surpass the $5 mark. This spike was driven by a combination of positive fundamentals and market hype.

What fueled the rally?

• Increased Confidence: Bitget's recent integration of Chainlink's Proof of Reserve boosted trader confidence by providing greater transparency on the exchange's assets.
• Reduced Supply: Ongoing token burns have decreased the supply of BGB, helping to support price stability.
• Bullish Technical Signals: Indicators like the MACD and RSI are showing strong bullish momentum, suggesting the rally could continue. The next price target for bulls is $5.82, which could open the door to $6.

However, a closer look at the token's distribution reveals a potential red flag. Data from CoinMarketCap shows that nearly 72% of the BGB supply is held in just 10 wallets. This high concentration of ownership makes the token susceptible to price manipulation, as a small number of whales could significantly influence the market.

Despite this risk, derivative traders are betting on a continued upward trend. The liquidation map shows a strong dominance of long positions, with long liquidations being more than six times higher than shorts. This setup suggests that traders are bullish on BGB, but the risk of sudden volatility remains due to the centralized holder distribution.

September 2025, Cryptoniteuae