company beat estimates for the first quarter with a smaller than expected loss and revenue beat dan dolevyou some grief a few days ago for recommending some of these stocks that have been hit so hard so now we'll give you a victory lap on the call for affirm, at least on the quarter do you expect this to reassure investors into some sort of longer turn-around >> yeah. first, thank you so much i appreciate it for that but look, i actually think, and i'm not a strategist, but i actually think is the bottom of fintech. not for everyone, but for high quality stocks and we call this fifo, first in first out. it's the first to benefit from covid and it's the first to come out oftough covid comps and we're expecting a nice rally in the second half. i think you're going to see helping square, helping some of the other names, robinhood but affirm today is just the beginning of a nice rally to the second half. you know, it's a great business and people realize that. there were a lot of worries heading into the quarter. >> somehow i think that mike santoli will take the other side of this. >> well,

bitcoin approaching a tipping point and what does that bean for names like coinbase joining us now is dan dolevior analyst at mizuho why don't you tell us the results of the survey and what that cost basis of 21,000 means for the typical investor >> thanks for -- >> in bitcoin. >> thanks. thank you for having me on the show again. >> sure. >> we did a survey this is the second time we re-visit the survey and the results are remarkably consistent the cost basis for the median or the average coinbase investors is $21,000 those results are consistent across surveys and what it means if you look at the distribution, it means right now about 30% of investors, you know, once it goes below 30 are below water. when you get to 21, 50% of investors are going to be below water. it's sort of that -- i think, the tipping point which people are starting to think, wait, what am i going to do with my bitcoin? am i going to stay or am i going to leave what it means for coinbase, as it goes down it kind of makes people's excitement to continue to invest in this, i think come down and it reduces the engagement on

. >> dan dolev, thanks for your insights we'll talk to you again soon >> thank you >>> staying in fin tech, what happens away from crypto, sofi shares are higher this morning by about 1% after plunging when the company accidentally released results early, posting record revenue on adjusted ebitda joining us in a first interview for a closer look at the quarter, sofi ceo anthony noto anthony, welcome first, what's the state of the consumer from your perspective and your ability to sort of predict who is worth issuing credit to? >> the best way to think about our business is we're in a diverse set of businesses because we have a unique strategy we've developed a one-stop shop on digital for all your financial needs. so we have four different loan types. we also have a new checking account with 1.25% interest when you do direct deposit. also in the invest business, so single stocks, robo, crypto, as well as etfs then we have a technology platform that may not be that well understood. we power a number of the key neo banks as well as b 2b enterprises as well as a core banking technology s

. >> dan dolev, thank you.n tech check don't miss the interview with the sofi ceo. >>> two minutes to go, mike, in the trading gain what do you see in the market internals? >> very mixed under the surface. definitely a little negative skew nothing too dramatic yesterday, remember, was another one of these 95% downside volume days really good washout readings here you have a 3-2 downside to upside it's the mega cap growth stocks holding the indexes together commodities an interesting story. an indicator says maybe the fever is breaking in terms of inflation anticipation the commodity index is below where it was in early march. it's still in an uptrend but maybe some of the pressure is easing from that market based inflation expectations also crashing if you look at the 10-year break-evens. the volatility index has come in quite a bit. we're at 31, five points off the recent high. that's because the market was around the flat line and could not keep the vix elevated. >> that market base measure into the cpi repor