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Coinbase has crossed a milestone not seen in four years. The exchange now holds $112 billion worth of Bitcoin, Ethereum, and ERC-20 stablecoins in reserves, according to CryptoQuant data, a level last recorded at the peak of the 2021 bull run.
The recovery reflects fresh inflows from both retail and institutional players, signaling stronger conviction in the market. Analysts suggest that such a buildup of exchange reserves often sets the stage for deeper liquidity and potential upside momentum.
One of the clearest drivers of the increase has been stablecoin deposits. Coinbase alone attracted $3.4 billion in ERC-20 stablecoins, part of a wider $9.3 billion combined inflow with Binance. It is the second-largest wave on record, echoing the capital surges that preceded major rallies in 2020 and 2021.
Stablecoins are often parked on exchanges ahead of deployment into digital assets, serving as a liquidity cushion that can quickly translate into trading activity.
Coinbase’s books also show strength in Bitcoin and Ethereum inflows.
Data from Coin Metrics indicates a rise in miner transactions with the exchange, along with new transparency tools designed to track these movements. Year-to-date, Coinbase has absorbed $344 billion in total inflows, placing it just ahead of Binance, which has taken in $335 billion.
Analysts weigh broader market impact
On-chain analyst CryptoOnChain described the reserve growth as a renewed vote of confidence, noting that major asset classes such as BTC, ETH, and stablecoins are at the center of investor strategies.
That said, Ethereum whales have added millions of coins since April, a trend that has already contributed to price gains.
In other news, Coinbase is expanding its role in the infrastructure layer of the crypto industry. The company is a core contributor to the Open Intents Framework (OIF), a project that aims to standardize secure cross-chain asset transfers. This partnership with Hyperlane and OpenZeppelin aims to simplify how users transfer funds across networks, such as Ethereum and Base.
