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Ethers (ETH) price continues to underperform compared to Bitcoins (BTC) 2024 gains, but Glassnode analysts suggest that brighter days could lie ahead.

Data from Cointelegraph Markets Pro and TradingView shows that Ether has been underperforming Bitcoin over the last two years, resulting in a weaker ETH/BTC ratio, which reached a low of $0.04622 on May 1, the lowest since April 2021.

Glassnode said Ethers under-performance this cycle relative to Bitcoin is due to a measurable lag in speculative interest from short-term holders (STHs).

The report defines the STH cohort as investors who acquired their coins within the last 155 days and are often considered a proxy for new investor demand.

Glassnode analysts explained that BTC experienced a noticeable increase in speculative activity in terms of capital accumulation among STHs in the run-up to all-time highs in March. This has not been reflected in ETH, which is yet to breach its previous all-time high.

The firms on-chain data reveals that while Bitcoins STH-realized cap is nearly at the same level as the last bull run peak, ETHs STH-realized cap is still less than half of previous cycle levels, suggesting a markedly lackluster inflow of new capital.

Related: Bitcoin exchange inflows drop to 10-year lows after $74K all-time highs

Historically, Ethers price performance has been closely linked to Bitcoin price moves, and the recent price action reflects this relationship.

Bitcoin experienced a sell-off after the fourth halving, dropping 11% to a two-month low of $56,500 on May 1. Bitcoins price has since recovered, consolidating within the $62,700$65,550 price range over the last two days.

Ether experienced a similar correction after the halving with a 6% drop, recording the worst post-halving performance ever, according to Glassnode.

However, measured from the $73,835 all-time high, Glassnode noted that Bitcoins price fell by 20.3% the deepest correction on a closing basis since the FTX lows in November 2022.

Using the Net Unrealized Profit/Loss (NUPL) metric, the on-chain data analytics firm found that both ETH and BTC still have a relatively low realized cap associated with long-term holders (LTHs), suggesting the market is within the early stages of a macro uptrend.

In an earlier report, Glassnode established that capital inflows into ETH tend to lag behind those into BTC. For instance, during the 2021 cycle, the peak influx of new capital into BTC occurred 20 days before the peak influx into ETH.

Using a 30-day change in the realized cap to monitor the rotation of capital between these two assets, Glassnode analysts found that ETHs STH realized cap is yet to pick up momentum in the current cycle.

Glassnode concludes that while the post-halving market action has played out remarkably similar to previous cycles, several data points indicate that Ether has underperformed relative to BTC.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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Ethereum price lags due to 'weaker capital rotation,' but crypto macro uptrend remains - Cointelegraph

Space enthusiasts on the West Coast were treated to a celestial spectacle yesterday evening when a SpaceX Falcon 9 rocket finally soared into the sky from Vandenberg Space Force Base after a slight schedule hiccup the previous day. Initially planned for a May 8 launch, weather conditions pushed the liftoff to 9:30 p.m. PT on May 9, as reported by 12News.

The successful launch sent 20 Starlink satellites orbiting, boosting the size of SpaceX's ambitious Starlink constellation. These satellites join others in a low-Earth orbit network that aims to provide global high-speed internet. Designed to operate about 340 miles above Earth, the service has been marketed as a way to keep internet users connected in even the most remote locations.

Yesterday's launch was deemed a visual success as well, as the timing just after sunset meant viewers could witness the rocket and its exhaust plume being dramatically illuminated against the dusky sky. As shown on the previous launch on February 8, this twilight effect has become a signature of evening SpaceX launches.

The light show wasn't only for Californians. As Dr. Vishnu Reddy of the University of Arizona explained, the glowing trail is visible far across state lines due to the Twilight Phenomenon: "The sun might have set for us here in Arizona, but it hasn't set in California." His comparison of the rocket to the peak of a mountain visible from the base aptly describes the visual effect shared across the Southwest.

With SpaceX rapidly expanding its satellite internet service, curious sky-watchers can anticipate more scheduled launches, which are not only feats of engineering but of breathtaking light art as well. Every launch, if timed with the sun's position, can turn into a natural display worth stepping outside for. Interested viewers can track and plan for these events using tools like the FindStarlink tracker, ensuring they won't miss the next high-flying show.

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Sky Spectacle: SpaceX Falcon 9 Rocket Dazzles West Coast with Stunning - Hoodline

Enlarge / 60 Starlink satellites stacked for launch at SpaceX facility in Cape Canaveral, Florida in 2019.

According to the research firm Quilty Space, SpaceX's Starlink satellite Internet business is now profitable.

During a webinar on Thursday, analysts from the firm outlined the reasons why they think SpaceX has been able to achieve a positive cash flow in its space Internet business just five years after the first batch of 60 satellites were launched.

The co-founder of the firm, Chris Quilty, said the rapidity of Starlink's rise surprised a lot of people, including himself. "A lot of industry veterans kind of scoffed at the idea," he said. "We'd seen this before."

Both SpaceX and another company, OneWeb, announced plans to build satellite megaconstellations in 2015 to deliver broadband Internet from low-Earth orbit. There was a lot of skepticism in the space community at the time because such plans had come and gone before, including a $9 billion constellation proposed by Teledesic with about 800 satellites that only ever managed to put a single demonstration satellite into space.

The thinking was that it would be too difficult to launch that many spacecraft and too technically challenging to get them all to communicate. Quilty recalled his own comments on the proposals back in 2015.

Quilty Space

"I correctly forecast that there would be no near term impact on the industry, but boy, was I wrong on the long-term impact," he said. "I think I called for possibly a partial impact on certain segments of the industry. Incorrect. But remember the context back in 2015, the largest constellation in existence was Iridium with 66 satellites, and back in 2015, it wasn't even entirely clear that they were going to make it successfully without a second dip into bankruptcy."

It is clear that SpaceX has been successful on the launch and technical challenges. The company has deployed nearly 6,000 satellites, with more than 5,200 still operational and delivering Internet to 2.7 million customers in 75 different countries. But is the service profitable? That's the question Quilty and his research team sought to address.

Because Starlink is part of SpaceX's portfolio, the company's true financial situation is private. So Quilty built a model to assess the company's profitability. First, the researchers assessed revenue. The firm estimates this will grow to $6.6 billion in 2024, up from essentially zero just four years ago.

"What Starlink achieved in the past three years is nothing short of mind-blowing," Quilty said. "If you want to put that in context, SES and Intelsat announced in the last two weeksthese are the two largest geo-satellite operatorsthat they're going to combine. They'll have combined revenues of about 4.1 billion."

In addition to rapidly growing its subscriber base, SpaceX has managed to control costs. It has built its satellites, which are connected to Internet hubs on Earth and beam connectivity to user terminals, for far less money than historical rivals. The version 1.0 satellites are estimated to have cost just $200,000.

Quilty Space

How has SpaceX done this? Caleb Henry, director of research for Quilty, pointed to three major factors.

"One is, they really, really aggressively vertically integrate, and that allows them to keep costs down by not having to absorb the profit margins from outside suppliers," he said. "They really designed for manufacture and for cheap manufacture. And you can kind of see that in some of the component selections and designs that they've used. And then they've also built really high volume, so a production cadence and rate that the industry has not seen before."

Quilty estimates that Starlink will have an EBITDA of $3.8 billion this year. This value indicates how well a company is managing its day-to-day operations and stands for earnings before interest, taxes, depreciation, and amortization. Additionally, Quilty estimates that capital expenditures for Starlink will be $3.1 billion this year. This leaves an estimated free cash flow from the business of about $600 million. In other words, Starlink is making money for SpaceX. It is self-sustaining.

According to Quilty's analysis, the Starlink business has also addressed some concerns about its long-term financial viability. For example, it no longer subsidizes the cost of user terminals in the United States, and the replenishment costs for satellites in orbit are manageable.

These figures, it should be noted, do not include SpaceX's Starshield business, which is building custom satellites for the US military for observation purposes and will likely leverage its Starlink technology.

There is also room for significant growth for Starlink as the larger Starship rocket comes online and begins to launch version 3.0 Starlink satellites. These are significantly chunkier, likely about 1.5 metric tons each, and will have the capability for significantly more broadband and enable direct-to-cell communications, removing the need for user terminals.

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Analyst on Starlink's rapid rise: Nothing short of mind-blowing - Ars Technica

People are seen near to their damaged homes after heavy flooding in Baghlan province in northern Afghanistan on Saturday. Mehrab Ibrahimi/AP hide caption

People are seen near to their damaged homes after heavy flooding in Baghlan province in northern Afghanistan on Saturday.

ISLAMABAD Flash floods from unusually heavy seasonal rains in Afghanistan have killed more than 300 people and destroyed over 1,000 houses, the U.N. food agency said Saturday.

The World Food Program said it was distributing fortified biscuits to the survivors of one of the many floods that hit Afghanistan over the last few weeks, mostly the northern province of Baghlan, which bore the brunt of the deluges Friday.

In neighboring Takhar province, state-owned media outlets reported the floods killed at least 20 people.

Zabihullah Mujahid, the chief spokesman for the Taliban government, posted on the social media platform X that "hundreds ... have succumbed to these calamitous floods, while a substantial number have sustained injuries."

Mujahid identified the provinces of Badakhshan, Baghlan, Ghor and Herat as the worst hit. He added that "the extensive devastation" has resulted in "significant financial losses."

He said the government had ordered all available resources mobilized to rescue people, transport the injured and recover the dead.

A man walks near his damaged home after heavy flooding in Baghlan province in northern Afghanistan on Saturday. Mehrab Ibrahimi/AP hide caption

A man walks near his damaged home after heavy flooding in Baghlan province in northern Afghanistan on Saturday.

The Taliban Defense Ministry said in a statement Saturday that the country's air force has already begun evacuating people in Baghlan and has rescued a large number of people stuck in flooded areas and transported 100 injured people to military hospitals in the region.

Richard Bennett, U.N. special rapporteur on the situation of human rights in Afghanistan, said on X that the floods are a stark reminder of Afghanistan's vulnerability to the climate crisis and both immediate aid and long-term planning by the Taliban and international actors are needed.

Videos posted on social media showed dozens of people gathered Saturday behind the hospital in Baghlan looking for their loved ones. An official tells them that they should go and start digging graves while their staff are busy with preparing bodies for the burial ceremony.

Officials previously said that in April at least 70 people died from heavy rains and flash flooding in the country. About 2,000 homes, three mosques, and four schools were also damaged.

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Flash floods kill more than 300 people in northern Afghanistan - NPR

KABUL: At least 160 people have been killed and 117 others injured as rainstorms and flash floods hit major parts of the provinces of Baghlan, Takhar, Badakhshan and Ghor of war-ravaged Afghanistan, local officials said on Saturday, reported Xinhua.

Recent flash floods hit most parts of the province including Gozargah-e-Noor, Jelgah, Nahrin, Dushi, Baghlan-e-Markazi, Dahna-e-Ghori, Tala-o-Barfak, and Barka districts, as well as the provincial capital of Pul-e-Khumri, leaving 130 dead and injuring 100 others, spokesman of Baghlans governor Mullah Alam Majidi said on Saturday.

The natural mishap mostly affected local people in Barka and Baghlan-e-Markazi districts, said Majidi, adding that the number of causalities will be increased.

Meanwhile, foreign media quoted the United Nations International Organisation for Migration as saying that over 200 people were killed, and thousands of houses were destroyed or damaged in Baghlan.

Storms and floods also killed 20 people and injured 14 in Namak Ab, Ishkamish, Farkhar and Kafgan districts of Takhar province, Ahmad Sir Sajid, head of Takhars disaster management authority, said Saturday.

He added that 300 houses as well as electricity and communications facilities were seriously damaged.

Seven people were killed and three others injured following flash floods lashed Chaharsada, Murghab, Saghar, Al-Farouq, Tewara districts, and Firoz Koh city, the provincial capital of western Ghor province, spokesman of Ghors governor Abdul Wahid Hamas said.

Additionally, three people lost their lives and two others are missing due to rainstorms and floods in most parts of northern Badakhshan province, Mawlawi Mohammad Akram Akbari, head of Badakhshans disaster management authority, reported.

Afghanistan has been experiencing heavy rain and floods in the past month, leading to casualties and property damage.

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Death toll from Afghanistan's floods rises to 160: Officials - theSun