Why Are Bitcoin Traders Aggressively Shorting as BTC Hits New Record High?

Bitcoin {BTC} galloped to a new record high above $110,000 on Thursday, liquidating around $500 million worth of derivatives positions in its wake, but some traders aren't buying into the bullish sentiment.Trading volume jumped by 74% in the past 24 hours as traders attempted to position themselves, however the majority of these traders are opting to go short -- or bet on bitcoin moving downwards.Coinalyze data shows that the long/short ratio is at its lowest point since September 2022, which was the midst of crypto winter.This trend began on April 21 as traders aggressively shorted the breakout above $85,000, seemingly under the impression that bitcoin had already formed its cycle high and that any subsequent move would form a double top source: https://www.coindesk.com/markets/2025/05/22/why-are-bitcoin-traders-aggressively-shorting-as-btc-hits-new-record-high