The cryptocurrency market remained under heavy pressure on Wednesday, with Bitcoin (BTC) sliding below the critical $90,000 level for the first time in seven months. Ethereum (ETH), XRP, and other major altcoins also dipped sharply as investors reacted to a broader downturn across global markets.
Yet, despite the worsening sentiment, some buyers continue to see the turbulence as an opportunity, including Barstool Sports Founder Dave Portnoy, who has doubled down with a fresh multi-million-dollar crypto purchase.
Portnoy adds BTC, ETH, and XRP to his portfolio
Portnoy disclosed on X that he bought 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, executed in what he described as a “great white shark attack” on a bleeding market.
The move follows his earlier statement made on October 18, 2025 when he said he would buy XRP if the token dropped below $2.20. With the altcoin falling to $2.12 amid the week’s sell-off, Portnoy seized the opportunity.
His sentiment contrasts the cautious approach seen across retail traders, many of whom exited positions as prices retreated to multi-week lows.
Whales accumulate despite the crash
Portnoy is not alone. According to blockchain data, a number of big investors, commonly referred to as whales, have been continuously buying cryptocurrencies throughout the crash period.
On-chain tracker Lookonchain reported that one whale purchased more than 30,000 ETH between November 3 and 10, spending roughly $110 million as Ethereum slipped under intense selling pressure.
Similarly, Strategy, led by Michael Saylor, made another aggressive purchase, adding 8,178 BTC to its holdings. Asset manager BlackRock also moved significant funds, depositing 3,064 BTC (around $280 million) and 64,707 ETH (around $198 million) into a Coinbase Prime account.
These moves signal that institutional players still view the pullback as temporary rather than a structural shift in long-term demand.
Bitcoin and Ethereum ETFs have experienced high outflows in the recent past but the new Canary Capital spot XRP ETF has stolen the limelight. It registered $250 million inflows in the first day, indicating increased institutional interest in the altcoin.
This trend is likely to persist in the coming week with four additional spot XRP ETFs set to launch, including Franklin Templeton, Bitwise, 21Shares, and CoinShares.
These launches are an important milestone to the XRP, which had years of fighting regulatory uncertainty after the SEC sued Ripple in 2020. With the courts clarifying that XRP is not a security when sold on exchanges, institutional participation has sharply increased.
The difference between the panicked selling and heavy accumulation is a more profound indicator of the change in the market behavior. Whereas retail investors respond to short-term fluctuations in prices, institutional investors and high-profile investors like Portnoy seem to be positioning to gain in the future.
The entry of new XRP ETFs, coupled with the strategic purchases of the key participants, is an indication that the ongoing decline can be the gateway to the new upward momentum as soon as the markets stabilize.
Although the market is volatile, the constant inflow of whales and institutional capital is a positive indicator that the crypto industry is on a long-term upward trend.