Standard Chartered calls $40K ETH by next decade but ETH/BTC ratio still near lows. What’s the actual thesis?

ETH/BTC ratio has been getting crushed even with ETF approval and institutional narratives. Standard Chartered saying $40K by next decade sounds bullish but the timeline looks bleak.

Real question is whether ETH's value capture from fees is sufficient or whether the base layer becomes a settlement layer with minimal revenue. The bull case requires yield-bearing ETH to eat into stablecoin demand