On-chain data indicates significant accumulation of Chiliz (CHZ) tokens by large investors, or 'whales,' in anticipation of the upcoming FIFA World Cup. Analysis from crypto research platform TKResearch Trading, citing Nansen data, shows a substantial reduction in the net circulating supply of CHZ available on centralized exchanges (CEXs).
The total circulating supply of CHZ is approximately 10.15 billion tokens. Of this, 5.63 billion are held in Chiliz wallets and cross-chain bridges, and 1.37 billion are held on centralized exchanges. This leaves a net circulating supply available for trading of only about 3.15 billion CHZ. Notably, the amount held on exchanges has fallen to just 13% of this net circulating supply.
A significant net outflow of 150 million CHZ from exchanges has been recorded since December 11. During this period, the total CHZ balance on exchanges decreased from 1.52 billion to 1.37 billion. On-chain tracking revealed that nine new addresses created between December 11–14 purchased a total of 384 million CHZ through Coinbase at an average price of approximately $0.033.
Following these purchases, the price of CHZ nearly doubled, rising to around $0.06. The data indicates that the addresses in question did not sell during this price surge but instead continued accumulating, purchasing an additional 100 million CHZ. These large addresses now hold an estimated 384 million CHZ, which corresponds to roughly 28% of total exchange reserves and about 13% of the net circulating supply.
