The price is for one token. You hold a lot of them.

A token’s price is whatever the most recent trade paid, and most trades are small. Multiply that price by a large balance and you get a figure nobody has offered you. It is a quote for one token, repeated.

Selling works differently. On-chain, a sale goes into pools that hold a fixed amount of the other side. Each token sold moves the price against the seller, so the hundred-thousandth token fetches less than the first. Past a certain size the pools are simply empty, and no price, however low, finds a buyer.

This is why two people holding the same token can be in different situations. A holder with a few hundred dollars of it can leave at close to the quoted price. A holder with a few hundred thousand may be able to sell a fraction of it, and that fraction at a discount.

Read down the last column: the share lost rises with the size. Where the table says the market took no more, a larger sale would have returned the same dollars for more tokens.

The sizes are fractions of the amount, not fixed sums. For a very large amount, even the smallest of the five can be more than the market would take at its price, and the table then shows a heavy loss from the first row.

A Position Statement takes the amount you name and quotes a real sale of it, along with four smaller sizes chosen to cover the range where the answer changes. It then says how much could have been sold with under 1%, 3%, 5% and 10% lost, and, if the market has one, the ceiling: the most it would have taken in one sale at that moment.

If the coin is also listed on an exchange we read, the statement walks that exchange’s order book for the same amount and reports it separately. A token with thin pools can have a deep order book, and the reverse. The statement shows both and does not choose.

It is dated to the minute and never recomputed. That matters for a large holding more than for a small one, because pools fill and drain: the same amount measured a month apart can return very different sums, and a record of each is the only way to compare them.

If the tokens sit at one address you can name, the Realizable Value Statement reads that address and measures every holding in it, this token included, for $12. It has the advantage of showing the balance as the chain reported it.

If they sit on an exchange, with a custodian, in a vesting contract, or across several wallets, there is no single address to read. The Position Statement needs none: you state the amount, for $12.

The statement does not say whether to sell, when, or how. A sale spread over days or weeks would return a different amount from a single sale, and often more; the statement measures one sale at one moment and says so.

It does not show that you hold the amount. You type it, and the document calls it a stated amount. And it covers only the markets we read: 3 chains and 2 exchanges, named on the page. A market elsewhere is not in it.