Crypto Whale Puts $70M on Bitcoin and Solana as Fed Hike Anxiety Lingers

A large crypto trader boosted long exposure to Bitcoin and Solana on Thursday, July 2, putting more than $70 million behind the two positions. The same wallet also opened a 10x short in Hyperliquid's token, HYPE, taking the combined exposure above $78 million. The trade initially moved in the whale's favor, showing roughly $9.2 million in unrealized gains after a relief rally sparked by weaker U.S. jobs data. Softer labor figures often increase expectations that the Federal Reserve may step back from additional tightening, which tends to lift risk assets, including crypto and equities. U.S. equity futures were mixed, with Google Finance showing S&P and Nasdaq futures in positive territory at the time. Rate expectations shifted only modestly. CME FedWatch data showed the probability of another hike falling from 28% to 17%. Traders still priced an 83% chance the Fed would hold rates steady in the current 3.50%–3.75% range heading into the late-July meeting. After the July 4 weekend, FOMC minutes are due on Wednesday, July 8. Thin liquidity conditions and the minutes release could amplify volatility. By the time of reporting, the whale's position had swung to a roughly $1.2 million unrealized loss, largely driven by the HYPE short, which was down about 70%. A hawkish "pause" from the Fed could deepen those losses. On Solana, "smart money" wallets were increasing exposure around the $81 level. Nansen data showed bidding from this cohort up 129% over the past 24 hours. Bitcoin positioning looked more cautious near $62,000. Shorts were building as BTC tried to reclaim that level, with more than $2 billion in short positions and about 57% dominance, according to CoinAnk. The setup can also raise the odds of a short squeeze, depending on the market's reaction to the FOMC minutes. Technically, BTC still faces resistance near $62,300 and $65,000. Clearing both levels would improve the case for a sustained recovery. Key takeaways: A whale lifted long exposure in Bitcoin and Solana to more than $70 million following weak U.S. jobs data. While hike fears have eased, a hawkish Fed hold could re-ignite broader risk-off pressure.