The most cynical but bullish thesis for Ethereum is that every major institution will back ETH as an asset and build Ethereum L2s instead of focusing on alt L1s, because this allows them to monetize execution while gaining more control over the tech stack and fee model.
ETH will also become a much more appealing asset compared to BTC, as it plays an active role in the internet of finance (stablecoins/tokenization/DeFi), generates yield, and, as Tom Lee has pointed out, owning and staking ETH helps secure the network.
TLDR; Ethereum has the strongest narrative, strongest fundamentals, and strongest incentives for institutional adoption.
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