Resilience to large selling pressure during a bullish trend proves that BTC is a very desirable asset. BTC is extremely strong. The Fed started cutting rates slowly with a 25bps cut, but they'll likely cut more later. Even altcoins are starting to pump. I'm buying dips on top of being 100% exposed on the long side. My bags are BTC (70%), PUMP, ETH, and some ORDER tokens that I need for a project. Other than that, I've disabled my sell button on perps, and will only start positions on the bid until at least December. I think everything reprices higher, and you have to be patient and able to handle the short-term volatility.

I think ORDER is quite interesting. They've recently announced that if you stake 7M tokens, you can lock in a 1 bps fee with 0 base fee as a front-end provider and charge anything above that (that's the maximum tier; they have others depending on KPIs or staked token amounts). They don't have a front-end that competes with yours on better fees. They also just released Orderly One, which allows you to create a DEX to your liking in about 30 minutes and effectively become the exchange. Keep this confidential, but I tested it and created salsadex.com in roughly 30 minutes. It's smooth, and I could see this revolutionizing affiliate marketing. We're already seeing many large protocols implementing it, even though it's only been a handful of days (BabyDoge, Fartcoin, and many more in talks). The referral link model is overly saturated, and something fresh is needed. I spoke with Ran, and he and Terrence have a strong team on the product side, though their marketing hasn't been great. I think that's why it hasn't caught enormous traction yet. This reminds me of Bybit's early days in 2018, when they had a real edge in affiliate marketing. This feels even better than traditional ref links.

It's the only DEX-related infrastructure project that's not just copying or slapping together Hyperliquid. I would instead call it a "perps DEX launchpad." I expect a lot of providers will launch their own DEXes and start converting their communities into trading volumes, which will boost revenues and draw attention. This is attractive to KOLs, communities, projects, and even third-tier centralized exchanges (MEXC, Phemex, Bitget, Gate) that might not have the resources to build their own infra from scratch. To me, this is a unique opportunity, especially since the network isn't too pricey compared to its revenues and product potential. If you or your community are interested in building on top of Orderly, add me on Telegram (@salsa_tekila), and I'll connect you with the team.

FYI: I was planning to hold off on sharing the thesis and project, but it seems like some people are catching on too fast, so I'll just share it here first. I'm not going to relay the thesis on Twitter. I think the "perps DEX launchpad" is a great narrative, and Orderly has something special going on. I can't speak to the token prices (I think it's around 300M FDV currently). Personally, I'm not trading it. It will depend on revenue growth for anything sustainable on that front. If you know anyone with a community who wants to build a front-end, I can hook them up with the team while it's still not crowded.

The above tweet depicts my current views on BTC and the market in general. I am insanely bullish into October.

I've made a front-end that offers the lowest fees across all competitors of the orderly network. And as a signup bonus I am giving a daily 30% fee kickback, for a limited time (see reflink embedded in the tweet): https://x.com/SalsaTekila/status/1974825451983192361

If you're farming DEXes, this one could be of interest. https://x.com/SalsaTekila/status/1976254014615437743

Nothing's changed for BTC, I've been long and am staying long. I think it's going much higher in October and November. There are a few opportunities that I am looking forward to, such as Lighter premarkets, TGE, and some decent exchange point farms.

Orderly Network and SalsaDEX are hosting a trading competition with a 175,000 ORDER prize pool. Feel free to read and participate: https://x.com/OrderlyNetwork/status/1978385413376290960

This ref-link gives an additional 30% fee kickback on salsadex: https://salsadex.com/?ref=SALSADEX

It's been a really shitty week since the October 10 major flush event. Personally, it's one of my worst trading periods ever in terms of negative performance. I'm trying to remain objective to avoid digging a deeper grave. The reality is that all week we've been slowly grinding down since Monday. And even when the stock market had one of its strongest daily returns in the past week, BTC couldn't close green. It will get better, but it might take a while longer, and I could see prices slide under 100k too easily to be stubborn trying to catch the bottom on leverage at current prices.

The market is trading like we're entering a winter phase. I'm not sure if it will be a bear market, but the recent underperformance against TradFi has been a concern, and this weekend proves that there's no crypto-native bid either (illiquid, no volume). Until we see hints of strength, I am taking a step back and waiting patiently. We could easily see lower prices before the board shuffles. We could easily see a correction toward the 92-95k area. I will be interested if we show relative strength, sustained strength, or a dip below 100k.

I'll be interested in long set-ups again if we're holding up into early November. That would be an early sign that things are looking up.

current market view:

Bought a little PUMP and ENA on the dip, nothing crazy. Just preparing for November

Reminder that on Salsadex.com, there is an ongoing trading competition with 175,000 ORDER tokens (currently 50K+ USD) up for grabs: https://x.com/orderlynetwork/status/1978385413376290960