Whales May Have Started Accumulating a Major Altcoin Ahead of the World Cup: They Are Depleting Stockpiles on Exchanges

On-chain data suggests that some large whale addresses may have accumulated Chiliz (CHZ) tokens prior to the World Cup, significantly reducing the net circulating supply on centralized exchanges (CEX).

According to analyses, the amount of CHZ held on exchanges has fallen to only about 13% of the total net circulating supply.

Crypto research platform TKResearch Trading, in a social media post citing Nansen data, stated that potential accumulation movements aimed at controlling the CHZ supply on the blockchain before the World Cup have been detected.

According to the data, the total circulating supply of CHZ is approximately 10.15 billion. Of this, 5.63 billion is held in Chiliz wallets and cross-chain bridges, and 1.37 billion is held on centralized exchanges. This distribution reveals that the net circulating supply that can actually be traded in the market is approximately 3.15 billion CHZ.

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On the other hand, a net outflow of 150 million CHZ has occurred from exchanges since December 11th. During this period, the total CHZ balance on exchanges decreased from 1.52 billion to 1.37 billion.

On-chain data also shows that nine new addresses created between December 11–14 purchased a total of 384 million CHZ through Coinbase. The average price of these purchases is reported to be approximately $0.033.

This chart shows recent price movements in CHZ.

Following the purchases, the CHZ price nearly doubled, rising to $0.06. However, it was determined that the addresses in question did not sell during the price increase; instead, they continued to accumulate by purchasing approximately 100 million more CHZ.

Currently, these large addresses are estimated to hold a total of 384 million CHZ. This amount corresponds to approximately 28% of the total reserves on the exchanges and about 13% of the net circulating supply.

*This is not investment advice.

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