Dave Portnoy Buys $2M Worth BTC, ETH, and XRP Amid Market Crash

The cryptocurrency market experienced significant pressure on Wednesday, with Bitcoin (BTC) falling below the $90,000 mark for the first time in seven months. Ethereum (ETH), XRP, and other major altcoins also saw sharp declines as investors reacted to a broader downturn across global markets.

Despite the worsening sentiment, some buyers perceive the turbulence as an opportunity. Among them is Barstool Sports Founder Dave Portnoy, who has made a substantial fresh crypto purchase.

Portnoy Adds BTC, ETH, and XRP to His Portfolio

Portnoy announced on X that he acquired over $2 million worth of digital assets during the latest market crash. His purchase included $1 million in XRP, $400,000 in Ethereum, and $750,000 in Bitcoin. He described the move as a "great white shark attack" on a declining market.

This action follows a statement Portnoy made on October 18, 2025, where he indicated he would buy XRP if the token dropped below $2.20. As the altcoin fell to $2.12 amid the week's sell-off, Portnoy capitalized on the opportunity.

His sentiment stands in contrast to the cautious approach observed among many retail traders, a significant number of whom exited their positions as prices retreated to multi-week lows.

Whales Accumulate Despite the Crash

Portnoy is not an isolated case. Blockchain data indicates that a number of large investors, commonly referred to as whales, have been consistently purchasing cryptocurrencies throughout the crash period.

On-chain tracker Lookonchain reported that one whale acquired more than 30,000 ETH between November 3 and 10, spending approximately $110 million as Ethereum faced intense selling pressure.

Similarly, Strategy, led by Michael Saylor, executed another aggressive purchase, adding 8,178 BTC to its holdings. Asset manager BlackRock also moved significant funds, depositing 3,064 BTC (approximately $280 million) and 64,707 ETH (approximately $198 million) into a Coinbase Prime account.

These actions suggest that institutional players view the current pullback as a temporary phase rather than a fundamental shift in long-term demand.

XRP ETFs Attract New Institutional Interest

While Bitcoin and Ethereum ETFs have experienced substantial outflows recently, the new Canary Capital spot XRP ETF has captured significant attention. It registered $250 million in inflows on its first day, signaling increased institutional interest in the altcoin.

This trend is expected to continue in the upcoming week with the planned launch of four additional spot XRP ETFs, including those from Franklin Templeton, Bitwise, 21Shares, and CoinShares.

These launches represent an important development for XRP, which has faced years of regulatory uncertainty following the SEC's lawsuit against Ripple in 2020. With court rulings clarifying that XRP is not a security when sold on exchanges, institutional participation has seen a sharp increase.

Why it Matters

The divergence between panicked selling and heavy accumulation offers a more profound indicator of the evolving market behavior. While retail investors tend to react to short-term price fluctuations, institutional investors and high-profile individuals like Portnoy appear to be positioning themselves for future gains.

The introduction of new XRP ETFs, combined with the strategic purchases by key market participants, suggests that the ongoing decline could pave the way for new upward momentum once market conditions stabilize.

Despite the current market volatility, the consistent inflow of capital from whales and institutions serves as a positive indicator for the long-term upward trajectory of the crypto industry.