Can I ask what the purpose is ?
If it's for tracking purposes, Google Analytics or Matomo should be able to record clicks on normal links. This should work both with the Flagrow Analytics extension but also by just pasting the tracking code in the custom header.
If you want to redirect users to an advertisement page, then the Affiliation Links extension as linked above can be a good way to redirect every url to an "exit page" where you can show whatever you want to the user before redirecting to the url. Please note that the Affiliation Links extension hasn't been updated for beta 8 yet, and there are currently no plans to do so unless someone pays for the update 😉
To actually go and create bitly links for every url, a more complex extension will have to be written. And I can't really understand what purpose that would serve.