Bitcoin ETFs see 2.5% outflows as CME $10.94B OI drops, pointing to trade unwinds

Recent Bitcoin ETF red days look alarming, but the data shows limited withdrawals relative to assets while derivatives exposure declines. Outflows are around 2.5% of BTC-denominated AUM, roughly $4.5 billion, and CME futures open interest is near $10.94 billion, down from about $16 billion in early November. The pattern suggests structured trades are being unwound rather than a broad investor exit.