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