Coinbase Wrapped Staked ETH (CBETH)
Coinbase's centralized ETH liquid staking token; simplest onramp but carries custodial risk and Coinbase counterparty exposure
Ranked 15th of 251 rated tokens. Scoring pass 11 Jun 2026.
What the numbers say
CBETH scores 158 of 250 across the 25-variable framework, which places it 15th of 251 rated tokens and inside the top 10% of the set. The framework verdict is HOLD.
CBETH is a top-10 name in the set on 4 variables. The score rests on Vesting Schedule 10/10, 1st of 251, Circulating / FDV Ratio 10/10, 1st of 251, Holder Concentration 6/10, 1st of 251 and Real Staking Yield 8/10, 3rd of 251.
Only 43.6% of CBETH's total supply is in circulation, so 2.3x the current float is still scheduled to arrive. Holding price per token flat while the rest enters circulation implies 56.4% of the fully diluted value sitting ahead of today's holders. That is a heavy overhang: most of the eventual supply has not reached the market yet.
CBETH is 60% off its all-time high of $5,441, a 2.5x round trip from here.
The framework score gained 18 points against the previous pass (140 to 158). Revisions of this size follow a change in the underlying variables, not a change in price.
$1.80B sits in the protocol. The token is capitalised below the value locked in the protocol.
25-variable breakdown
Each variable is scored 1 to 10 and ranked against every other rated token, so a 7 that ranks 20th means something different from a 7 that ranks 180th. The rank is the part that is hard to get anywhere else.
Cash flow
| Protocol Revenue | 6 | 21st of 251 | |
| Revenue Trend | 6 | 15th of 251 | |
| P/S Multiple | 6 | 23rd of 251 | |
| Real Staking Yield | 8 | 3rd of 251 |
Supply
| Supply Inflation | 8 | 8th of 251 | |
| Vesting Schedule | 10 | 1st of 251 | |
| Circulating / FDV Ratio | 10 | 1st of 251 | |
| Buyback and Burn | 4 | 40th of 251 |
Ownership
| Smart Money Flows | 7 | 12th of 251 | |
| Insider Selling | 7 | 8th of 251 | |
| Holder Concentration | 6 | 1st of 251 |
Traction
| TVL Trend | 5 | 30th of 251 | |
| Active Users | 6 | 24th of 251 | |
| Developer Activity | 5 | 83rd of 251 | |
| Network Growth | 5 | 52nd of 251 |
Position
| Market Share | 6 | 36th of 251 | |
| Competitive Moat | 5 | 57th of 251 | |
| Institutional Adoption | 8 | 9th of 251 | |
| Exchange Depth | 5 | 73rd of 251 | |
| Social Mindshare | 5 | 41st of 251 |
Risk
| Regulatory Safety | 6 | 52nd of 251 | |
| Catalyst Calendar | 5 | 50th of 251 | |
| BTC Alpha Potential | 5 | 13th of 251 | |
| Team Execution | 6 | 30th of 251 | |
| Treasury Runway | 8 | 4th of 251 |
The vertical tick on each bar marks the median score across all 251 rated tokens, so a bar ending left of the tick is below the universe on that variable.
Catalyst and risk
Next catalyst
Coinbase institutional distribution gives cbETH unique access to TradFi investors; ETF integrations possible
Principal risk
Fully custodial, Coinbase controls withdrawal keys; regulatory risk against Coinbase directly impacts token; lower yield than competitors
Market and supply
| Price | $2,174 |
| Market cap | $353.6M |
| All-time high | $5,44124 Aug 2025 |
| Circulating supply | 162,657 |
| Eventual supply (total supply) | 373,334 |
| Dilution to full supply | 2.3x |
| Total value locked | $1.80B |
| Listed on | Coinbase, Uniswap, Curve |
Price, market cap, supply and all-time high from CoinGecko, fetched 6 Aug 2026. The 25 scores come from the research pass dated 11 Jun 2026 and don't move with price.
Tokens with a similar profile
These are the closest matches to CBETH measured on the shape of all 25 variables after removing overall quality, so what they share is a pattern of strengths and weaknesses rather than a similar size or price.
Sources
- [Coinbase] cbETH exchange rate vs ETH is 1.13078, reflecting accumulated staking rewards since launch
- [DeFiLlama LST Rankings] cbETH market cap ~$1.82B making it the 3rd largest ETH LST by TVL
- [SEC v. Coinbase] cbETH carries Coinbase custodial risk, SEC enforcement actions against Coinbase remain a tail risk
Common questions
- What is the Early Thunder score for Coinbase Wrapped Staked ETH (CBETH)?
- CBETH scores 158 out of 250 on the 25-variable framework, ranking 15th of 251 rated tokens (top 10%). The framework verdict is HOLD.
- What are CBETH's strongest fundamentals?
- CBETH ranks highest on Vesting Schedule 10/10, 1st of 251, Circulating / FDV Ratio 10/10, 1st of 251, Holder Concentration 6/10, 1st of 251 and Real Staking Yield 8/10, 3rd of 251. Ranks are measured against all 251 tokens in the same scoring pass.
- How much CBETH supply is still to enter circulation?
- 43.6% of eventual CBETH supply is circulating today, leaving 2.3x the current float still to arrive. At a flat price per token that is 56.4% of fully diluted value ahead of current holders.
- How far is CBETH from its all-time high?
- CBETH trades 60% below its all-time high of $5,441. Returning to that high requires a 2.5x move from the level used in this scoring pass.
- Which tokens have a similar profile to CBETH?
- Measured on the shape of all 25 scored variables rather than on price, the closest matches to CBETH are THETA (105), QTUM (61), RETH (159) and XTZ (88). Similarity here means the same pattern of strengths and weaknesses, not a similar market cap.
- What is the next catalyst for CBETH?
- Coinbase institutional distribution gives cbETH unique access to TradFi investors; ETF integrations possible
Keep reading
Research and analysis, not investment advice. Scores are one framework applied consistently across 251 tokens, not a prediction of price.