- Whale wallets withdrew over $1M in BGB from Bitget.
- Bitget has burned 860 million BGB in 8 months.
- Reduced supply and whale interest signal growing demand.
Whale wallets have been quietly accumulating BGB, the native token of the Bitget exchange, in significant amounts. Over the past few months, several large transactions have been tracked leaving the exchange, suggesting long-term holding strategies or off-exchange storage.
The largest transaction came from wallet 0x8900, which withdrew 192,668 BGB (worth around $936,000) from Bitget in the last two months. Following closely, wallet 0x171D moved 30,607 BGB ($134,000) just two days ago, while 0x7C9C withdrew 20,980 BGB ($102,000) over the past three months. Altogether, these withdrawals indicate growing confidence in BGB’s future.
Bitget’s Aggressive Token Burn Strategy
What makes this accumulation even more interesting is Bitget’s recent deflationary move. The platform has burned a massive 860 million BGB—approximately $5.25 billion—over the last eight months. This represents 43% of the total supply, marking a bold attempt to increase the token’s scarcity and long-term value.
This aggressive burn mechanism is likely to have a positive impact on the token’s price, especially as demand from larger investors grows. By significantly reducing the circulating supply, Bitget is sending a strong signal of commitment to its ecosystem and its investors.
BGB’s Bullish Outlook Amid Reduced Supply
The combination of whale accumulation and token burns points toward a bullish sentiment for BGB. With less supply in circulation and increasing wallet activity outside the exchange, market dynamics are shifting in favor of long-term holders.
While the crypto market remains volatile, BGB is positioning itself as a token worth watching. If this trend continues, both retail and institutional investors may start paying closer attention to Bitget’s native asset.
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