 Welcome traders to another Tick-Mail earnings report preview with me, Patrick Manoli. Before we jump into today's report, it's important as always that we adhere to the risk disclaimer the material provided is for information purposes only and should not be considered as investment advice. The views, information and opinions expressed by me in this recording are solely mine and they are not indicative or representative of those held by Tick-Mail UK or Tick-Mail Europe Limited. So let's jump into today's report. We are looking at Coinbase who announced after the closing of New York today looking for an earnings per share print of 17 cents on revenue of 1.5 billion. Cryptocurrency exchange has likely going to face further headwinds as it reports this evening. The company has already warned investors during its fourth quarter earnings that it's expecting lower trading volumes and monthly transacting users given a drop in crystal asset volatility and the macroeconomic headwinds. As a result, Wall Street analysts have mostly reduced their earnings and volume estimates heading into the report. Despite the downturn in crypto activity in the first quarter by a few sudden price winds which can lead to higher volumes on increased volatility. However, the period was instead marked by a steady continuing decline with periods of rangebound markets leading to relatively muted volumes. Overall trading volumes of 322 billion in the first quarter likely down from estimates of 355 billion started the second quarter hasn't really inspired analysts either to anticipate more headwinds for Coinbase's outlook. Average daily trading volumes on Coin have averaged 2.3 billion thus far in the second quarter approximately 30% below first quarter levels. On a four quarter basis this would imply about 210 to 215 billion of volumes for the second quarter. Coinbase's non-fuggable token or NFT segment will garner some attention as investors will get to look at its early days and engagement with users. The company recently launched its beta version which has shown relatively low usage stats. Still, some remain upbeat that Coinbase's NFT segment will help make the company a one-stop shop for mainstream crypto adoption. Let's take a look at some of the statistical trading patterns around Coinbase releases. Shares have moved lower in the immediate aftermath of earnings to be out of four previous reports. On average stocks come down 2.2% in the first day of trading after the company reported earnings. Based on the previous four earnings releases, Coin is more likely to trade lower one day after earnings for an average loss of 0.4%. On average the stock has also moved lower 6.5% one week after earnings. Let's take a look at volatility and what options traders are pricing in in terms of movement around the release. They're looking for a 22.6% move on earnings. However, the stock is actually on the average a 3.8% move in recent quarters. From a flow and sentiment perspective, there has been some notable selling. 2,916 contracts of the $85 put expiring this Friday, May 13th. Options order flow sentiment in general has been a little bit more bullish. Investor sentiment going into the company's earnings release has 38% expecting earnings beats. Coin's share price has drifted down 52.8% post its last earnings announcement. Using the last 12 quarters, the days of the average drift between earnings announcements is 4.2% and that represents a negative 1.4 standard deviation move. So let's jump into the charts and see what the technical setup could tell us here in terms of near-term trading opportunities. Given the negative sentiment and flow perspective, I'm inclined to look at shorting opportunities here through any close through the $77 level.