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Reading https://0xkyle.substack.com/p/the-eth-etf-trade-idea
TLDR 
The article discusses a potential trade idea around the recent approval of an Ethereum (ETH) ETF by the SEC, as well as the potential outperformance of the Real-World Assets (RWA) sector.
Key Points 
- The SEC’s approval of an ETH ETF signals a more dovish stance towards crypto from the US government.
- This is expected to drive outperformance in the ETH and RWA sectors.
- The author’s top picks are PEPE, PENDLE, and ONDO as ETH betas and RWA plays.
- There are some risks to consider, such as the market potentially having already priced in the ETF approval.
In-depth Summary 
The article starts by discussing the recent approval of an ETH ETF by the SEC, which caught many market participants off guard. The author compares this to the timeline of the Bitcoin ETF approval, noting that the ETH ETF discount closed much faster than the BTC ETF discount did.
The author then outlines the potential risks of the trade, including the possibility that the market has already priced in the ETF approval and could be nearing a top. However, the author believes that there is still upside to be captured, and plans to slowly build positions at certain price levels.
For the ETH beta play, the author looks at the recent outperformance of various Ethereum-related assets and chooses PEPE and PENDLE as his top picks, citing their strong performance throughout the year.
For the RWA side of the trade, the author focuses on ONDO, which has collaborations with Blackrock and is built on the Ethereum blockchain. The author sees ONDO as a beta play to the general ETH narrative.
ELI5 
The government has approved a new investment product that allows people to easily invest in Ethereum, the second-largest cryptocurrency. This is seen as a positive sign for the crypto industry, and the author believes it will lead to the Ethereum and related “real-world asset” sectors outperforming the rest of the market in the coming weeks and months.
The author has identified a few specific investments that he thinks will benefit the most from this, including PEPE, PENDLE, and ONDO. However, he also notes that the market may have already priced in a lot of the good news, so he’s being cautious and building his positions slowly.
Writer’s Main Point 
The main point of the article is that the approval of an ETH ETF, combined with the US government’s more dovish stance towards crypto, presents an opportunity to profit from the expected outperformance of the ETH and RWA sectors. The author’s top picks are PEPE, PENDLE, and ONDO.
