Bitcoin Faces Structural Reset as ETF Outflows Reach $4.9B and Leverage Unwinds
Bitcoin markets are recalibrating following weakened ETF demand and deleveraging across futures and DeFi platforms. Spot Bitcoin ETFs recorded net outflows of $4.9 billion since mid-October, the largest redemption cycle since April 2025, according to CoinMetrics data. Open interest in perpetual futures dropped over 30% after the October 10 liquidation event, while spot liquidity for BTC, ETH, and SOL remains 30-40% below early-October levels.