Berenstein: Coinbase Will Be the Biggest Beneficiary of ETH's Rise, Altseason Has Begun

By: theblockbeats.news|2025/08/11 22:42:03

BlockBeats News, August 11th, Bernstein analysts stated that with the rise of ETH and the arrival of altcoin season, Coinbase will become the biggest beneficiary.

Lead by Gautam Chhugani, the analysts pointed out in a report to clients on Monday that since the sensational IPO of stablecoin issuer Circle on June 5th, ETH has risen by 80%. With the realization that most stablecoins are issued on the Ethereum network, investor interest in the Ethereum ecosystem is growing.

Chhugani stated: "In cryptocurrency terms, this market structure is known as an 'altcoin season rally,' where digital assets other than Bitcoin show a stronger rebound compared to Bitcoin. We believe that the altcoin rebound has already begun (the recent excellent performance of ETH has already reflected this), and Coinbase will be the biggest beneficiary as it has listed over 250 tokens and integrated Base Layer 1 tokens into the Coinbase App."

The analysts pointed out that Base Layer 1 processes over 9 million transactions per day from various applications, with Gas fees settled in ETH, resulting in Coinbase earning $75 million in sequencer fees annually. They stated that Coinbase also earns brokerage fees by integrating Base Layer 1 tokens on its trading platform and launching the Base App for cryptocurrency trading.

The analysts further noted that Coinbase's staking activities (primarily for ETH) account for 10% of the company's total revenue. Therefore, as asset prices rise, this revenue is expected to increase as well. They pointed out that Coinbase also holds a massive ETH reserve of 136,782 ETH (worth $570 million).

-- Price

AI has become critical infrastructure, and governments and corporations are competing to control it. Centralized development and regulation are entrenching existing power structures. The Web3 community is building a decentralized alternative — distributed compute, token incentives, and community governance — before that window closes.

Vitalik wrote a proposal teaching you how to secretly use AI large models

Vitalik believes that in the AI era, users should not have to give up their identity to use an AI tool.

On the eve of the explosion of on-chain options

Options are becoming a new anchor in the cryptocurrency market.

WEEX AI Hackathon: How Did This AI Trading Winner Succeed?

A self-taught AI trading enthusiast achieved top-10 results at the WEEX AI Hackathon. Learn about the mindset, AI tools, and lessons behind this impressive performance.

One Balance to Rule Them All: Gravitas' On-Chain Prime Broker Ambition

Forty years ago, a technological revolution broke the isolation of information, reshaping Wall Street. Forty years later, Grvt aims to break the isolation of capital with an on-chain prime brokerage model.

That person who cashed out at the NFT peak is now selling a new shovel in the OpenClaw craze

A skilled person never picks the table, they eat meat with every bite.

Inter-generational Prisoner's Dilemma Resolution: The Nomadic Capital and Bitcoin's Inevitable Path

When the Baby Boomer generation collectively sells off, who will be the "bag holder" in the next asset crash?

Upstream and downstream are starting to fight, all for the sake of everyone being able to "Lobster"

「Lobster」 may not be a mature product yet, but it has already ushered in a new era of 「AI Assistants」.

Circle and Mastercard Announce Partnership, the Next Stage for the Crypto Industry Belongs to Payments

Stablecoins are transitioning from a speculative tool to real financial scenarios such as payments, cross-border transfers, and store of value.