Barstool founder Dave Portnoy revealed on Nov. 18 that he seized the recent market downturn to acquire $1 million worth of XRP, alongside additional purchases of ethereum ( ETH) and bitcoin ( BTC) totaling more than $1 million. In a video shared on X, Portnoy — describing himself as “the great white shark” — said he made the move following what he called a “little dip” in the market.
His announcement followed the sharp Nov. 17 crypto sell‑off that dragged BTC below $90,000 for the first time in over six months, a symbolic breach that rattled investor confidence. Beyond mounting concerns of an artificial intelligence (AI) bubble, analysts pointed to the collapse of the macro narrative that had underpinned bitcoin’s 2025 rally as a key driver of the downturn.
Read more: The BTC Narrative Collapse: Why Bitcoin’s Price Drop Was ‘Inevitable’ Despite ETF Hype
The bearish wave also battered leading altcoins, with XRP sinking to $2.12 before recovering above $2.20, while ETH briefly fell below $3,000 before steadying near $3,100.
Meanwhile, Portnoy’s disclosure follows a costly misstep earlier this year when he sold his XRP holdings at $2.40, just weeks before the token surged to a record $3.66. He later admitted the decision, made on advice that XRP had peaked, cost him millions in potential gains.
In his latest video, however, Portnoy boasted about his timing: “Last night I bought $2 million worth of crypto — $1 million of XRP, $750,000 in BTC, and $400,000 in ETH. Blood in the streets Dave is like a piranha,” he said.
As of Nov. 19 at 2:24 p.m. EST, the broader crypto market remained under pressure, with BTC falling below $89,000. XRP was down 7.5% at $2.04, its lowest since April 12, 2025, and below Portnoy’s earlier entry price. ETH also slipped back under $3,000.
- Who made the latest crypto purchase? Barstool founder Dave Portnoy revealed he bought $2M in XRP, BTC, and ETH.
- What triggered his move? He acted after the Nov. 17 sell‑off that pushed BTC below $90K and rattled markets.
- How did altcoins perform globally? XRP sank to $2.12 before rebounding, while ETH briefly fell under $3,000.
- What’s the broader market context? Concerns over an AI bubble and a collapsed BTC macro narrative fueled global bearish sentiment.
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