NewsletterBarstool’s Dave Portnoy Buys Bitcoin, Ethereum, and XRP Following Crypto Crash
Highlights
- Barstool founder Dave Portnoy buys $2 million worth of XRP, BTC and ETH amidst market crash.
- These coins continue to see whale and institutional interest despite market dip.
- Bitcoin dropped below $90,000 today but has since rebounded above this psychological level.
The cryptocurrency market continues to face intense selling pressure, as Bitcoin slipped below $90,000 earlier today. Other top assets, including Ethereum and XRP, were not left out as investors scampered for safety. However, amid the faltering performance of the cryptocurrency market, some investors continue to buy the dip, including Barstool Sports founder Dave Portnoy.
Dave Portnoy purchased $2 million in ETH, XRP, and BTC.
Market optimist and Barstool Sports founder Dave Portnoy has made another fresh purchase of BTC, Ether, and XRP worth over $2 million despite the crypto market crash. Dave revealed this information in an X update, where he outlined buying $1,000,000 worth of XRP and $400,000 worth of Ether.
He also added that he purchased $750,000 worth of BTC in a single transaction, likening himself to a great white shark ravaging the bloody market. Unlike others who shy away during a dip, the Barstool founder believes he has a unique opportunity to add to his asset portfolio.
Interestingly, the Barstool founder had earlier in October stated that he would purchase XRP if it dipped below $2.20, and he has obviously gotten his chance with the current market crash, where the altcoin dipped to a low of $2.12.
Investors Circle BTC, Ether, And XRP Amid Market Crash
Like Barstool founder Dave Portnoy, several other investors are getting in on XRP, BTC, and ETH, with the intention of buying the dip before another market surge. Interestingly, on-chain sleuth Lookonchain reported a whale that has continued to buy ETH during the dip from November 3 to 10, purchasing over 30,000 Ether worth $110.43 million at the time of purchase.
Further, Saylor’s strategy also made a fresh purchase of 8,178 BTC amid the crash. In addition, Lookonchain once again reported a transaction by asset manager BlackRock, which deposited 3,064 BTC, worth $280 million, and 64,707 ETH, worth $198 million at the time of purchase, into a Coinbase Prime account.
Furthermore, while Bitcoin and Ethereum ETFs continue to experience massive outflows, institutional funds have shifted into the recently launched Canary Capital spot XRP ETF, which saw $245 million in inflows on its first trading day. XRP is also poised to receive additional institutional backing as four spot XRP ETFs are set to launch this week.
Among the spot XRP ETFs anticipating launch are the Franklin Templeton XRP ETF and the Bitwise XRP fund. Additionally, the 21Shares and CoinShares XRP offerings are expected to go live around November 20-22.
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