(https://www.cnbc.com/2026/06/16/trading-platform-robinhood-cuts-10percent-of-workforce.html) to "flatten management layers" is the canary most miss — it's not peak euphoria signaling a top (that narrative is too simple). It's a confession: user growth isn't translating to margin expansion anymore. Trading platforms live or die on order flow monetization and payment for order flow fees, but volume growth alone doesn't fix deteriorating unit economics.

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