Whale realizes $228M loss while only 7% of supply sits underwater

A crypto whale just took a $228 million loss on purpose. The holder sold, made the loss permanent, and chose not to wait around for prices to recover. The timing is what makes it strange. When the sale happened, only 7% of the token’s total supply was underwater, which means the vast majority of holders were still sitting on gains. What actually happened A whale, crypto shorthand for a holder with a position big enough to move markets, sold out of a position and realized a loss of $228 million. “Realized” is the key word. A loss stays theoretical while you hold the asset. Selling turns it into a fact. Meanwhile, the broader picture looked far healthier. Only 7% of the token’s supply was held at a loss when the sale went through. Roughly 93% of the supply was either in profit or at breakeven. Why the 7% figure matters “Supply underwater” is an on-chain metric. It compares the price at which each coin last moved against the current market price. If a coin last changed hands above today’s price, it counts as underwater. If it moved below, it counts as in profit. A reading of 7% means pain is concentrated in a small slice of holders. The whale appears to have been caught in that unluck...