ChainCatcher news, led by Bernstein analyst Gautam Chhugani, indicates that as ETH reaches its highest point in years and the beginning of a rebound in altcoins, Coinbase will benefit the most. They believe the long-tail effect of tokens supported by Coinbase, a large amount of staked assets, and revenue on the Base chain can drive a surge in trading volume. Additionally, Coinbase holds 136,782 ETH in reserves, valued at $570 million.
Analysts pointed out in a memo to clients on Monday that since the sensational IPO of stablecoin issuer Circle on June 5, ETH has risen 80%. Investors' interest in the Ethereum ecosystem has been growing as they realize that most stablecoins are issued on the Ethereum network, 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.
