Barstool Sports founder Dave Portnoy has once again demonstrated his contrarian approach to cryptocurrency investing, publicly stating that he is buying during the sell-off and declaring, “Crypto is crashing, blood in the streets, that’s when you buy.” In a video shared on social media platform X, Portnoy detailed his recent purchases of XRP and Bitcoin, adding to existing positions even as prices continued to fall.
Portnoy’s ‘Blood in the Streets’ Strategy
Portnoy explained that he bought approximately $1 million worth of XRP near $1.79, expanding on the $1 million position he established in November of last year. He also revealed a purchase of $500,000 in Bitcoin at roughly $82,000. Despite the fact that XRP dipped toward $1.74 shortly after his buy, Portnoy dismissed the move as normal volatility and signaled continued accumulation: “That thing keeps falling. I’ll keep buying.” His message is consistent with his long-held view that steep declines create attractive entry points rather than reasons to panic sell.
Market Context and XRP ETF Dynamics
As of writing, XRP is trading near $1.43, marking a sharp 10% daily decline and a 23% drop over the past week as the broader crypto market enters a period of extreme fear. Despite the price rout, institutional interest in XRP ETFs appears to be stabilizing. U.S. spot XRP ETFs hold a total Net Asset Value of $1.11 billion, recovering from a record $93 million outflow in late January. Recent daily inflows into the Bitwise XRP ETF and Franklin's XRPZ suggest that institutions are increasingly decoupling XRP from Bitcoin's volatility, viewing it instead as a structural play on cross-border payment utility.
Ripple’s Global Expansion and Infrastructure Developments
Meanwhile, Ripple continues to expand its global and institutional footprint despite the market volatility. The company secured a full Electronic Money Institution (EMI) license in Luxembourg, enabling it to provide payment services and issue electronic money across the European Union. Ripple also disclosed the tokenization of $280 million in certified diamonds from the UAE on the XRP Ledger, highlighting an accelerating push into real-world asset issuance. In parallel, Ripple Prime added support for the Hyperliquid decentralized derivatives protocol, broadening on-chain liquidity options for institutional clients and reinforcing the firm’s strategy of positioning XRP infrastructure for enterprise and capital markets use.
Portnoy’s high-profile buying, combined with these institutional developments, underscores the divergent narratives in crypto: retail fear versus long-term conviction and structural adoption.