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.

Bitcoin (BTC.X), the biggest cryptocurrency by market capitalization, continued its record run on Thursday. It topped $111,000 for the first time before easing off the peak. On Wednesday, Bitcoin hit a new intraday high of $110,

The Bitcoin options market has seen a notable uptick in institutional participation alongside the asset’s climb to an all-time high.