On-chain data shows a whale allegedly accumulating CHZ before the World Cup, with CEX holdings dropping to a net circulation of 13%.

On March 4, TKResearch Trading cited Nansen data in a social media post, noting suspected whale accumulation of CHZ on-chain ahead of the World Cup (June). CHZ’s current total circulating supply stands at 10.15 billion, with 5.63 billion held in Chiliz wallets and cross-chain bridges, 1.37 billion remaining on exchanges, and an estimated actual circulating supply of ~3.15 billion. Since December 11, exchanges have seen a cumulative net outflow of 150 million CHZ (dropping from 1.52 billion to 1.37 billion). Between December 11 and 14, nine new addresses purchased 384 million CHZ on Coinbase at an average price of ~$0.033 per token. CHZ later doubled to $0.06, but these addresses did not distribute holdings amid the surge—instead, they continued accumulating ~100 million more tokens. These large holders now collectively hold 384 million CHZ, accounting for ~28% of exchanges’ total reserves and ~13% of the circulating supply.