The analysis suggests that ETH's role as a protocol for the tokenization of the real world gives it more value than BTC. Tokenizing the real world is orders of magnitude larger than gold, and the value of the Ethereum's protocol layer is going to be more valuable. The analyst mentions that tokenizing everything on Ethereum, rather than just gold, could lead Ethereum to flip the network value of Bitcoin. The analyst gives that Bitcoin would get to 1 million. The key factors include increased usage of Ethereum stablecoins and that Wall Street and governments want to own blockchain assets, particularly in the context of the SEC's Project Crypto.