Bitcoin's liquidation machine keeps running because leverage never left the building

EarnOS launched its ero app on June 17, 2026, backed by $18.5 million in funding from 1kx, Coinbase Ventures, and Verona. The app pays users in USD stablecoins for verified brand interactions, using zkTLS cryptography to prove a human completed the action, with Uber, The North Face, and Lacoste among its launch partners.

Hyperliquid's HYPE token hit a new all-time high of $76.70 on June 16, driven by SpaceX perpetual futures that generated $1.4 billion in single-day volume and spot ETF inflows of $17.19 million, even as Bitcoin ETF products bled outflows. The rally highlights how decentralized derivatives exchanges are capturing volume and institutional attention that once flowed exclusively to centralized players.

The SEC's June 11 proposal to rescind Rule 611 of Regulation NMS removes the compliance barrier that blocked tokenized US equities from trading on-chain. Paired with January guidance distinguishing genuine issuer-sponsored equity from synthetic derivatives, the moves sketch a deliberate regulatory framework that stands to benefit Coinbase, Robinhood, Kraken, and Gemini, while raising unresolved questions about best-execution oversight once the per-trade rule is gone.