During a market crash, whales (large investors or institutions) often take different approaches:

1. *Buy the dip*: Whales may see a market crash as an opportunity to buy assets at a discounted price, expecting prices to rebound in the future. In this case, Morgan Stanley and Bank of America's investments in Bitcoin ETFs suggest they're taking this approach.

2. *HODL (Hold On for Dear Life)*: Whales may choose to hold their assets, waiting for the market to recover, rather than selling at a loss.

3. *Diversify*: Whales might diversify their portfolios by investing in other assets, reducing their exposure to the crashing market.

4. *Short selling*: Some whales might engage in short selling, betting against the market, and profiting from the decline.

5. *Wait and observe*: Whales may take a wait-and-see approach, observing market trends and waiting for a clearer direction before making a move.

In this scenario, Morgan Stanley and Bank of America's investments in Bitcoin ETFs indicate they're taking a long-term view, potentially expecting Bitcoin to recover and grow in value. However, it's essential to remember that their strategies might differ from individual investors, and market volatility can be unpredictable.$BTC