Bernstein: Coinbase holds over 136,000 ETH and will benefit from the rise in ETH prices

ChainCatcher news, led by Bernstein analyst Gautam Chhugani, indicates that as ETH reaches its highest point in years and the altcoin rebound begins, Coinbase will benefit the most. They believe that the long-tail effect of tokens supported by Coinbase, a large amount of staked assets, and revenue from the Base chain can drive a surge in trading volume. Additionally, Coinbase holds a reserve of 136,782 ETH, valued at $570 million.

In a memo to clients on Monday, analysts noted that since the sensational IPO of stablecoin issuer Circle on June 5, ETH has risen by 80%. As investors realize that most stablecoins are issued on the Ethereum network, interest in the Ethereum ecosystem has grown, and Coinbase will be the biggest beneficiary, as it has listed over 250 tokens and integrated long-tail tokens on the Base chain within the Coinbase App.