Bank of America Fund Manager Survey: The most crowded trade is “long Bitcoin”, the cryptocurrency is in a bubble zone
According to a survey from the Bank of America (BoA) Fund Manager Survey for May, long Bitcoin is currently the busiest exchange in the world. Last month, long Bitcoin was the second most crowded transaction, with the most crowded transaction being “long tech”. Furthermore, 75% of fund managers say the cryptocurrency is in a bubble zone.
The most recent Bank of America Fund Manager Survey finds that the most crowded trade is long Bitcoin
Fund managers say that Bitcoin long is the busiest trade but sees the most bubbles. With a survey size of over 216 fund managers with $625 billion total assets under management (AUM) between May 7 and May 13. According to the results, fund managers said Bitcoin long was the busiest trade with 43%.
This is not the first time Bitcoin has topped the list as the busiest trade in the Bank of America Fund Managers Survey. It was also the busiest trade in January before the BTC price hit a record high. The cryptocurrency also topped the charts during the 2017 bull run. Other common trades among fund managers are long tech, long ESG, and short US treasuries. The survey also found that inflation was identified as the top risk.
Meanwhile, 75% of the fund managers surveyed said bitcoin is in a bubble. This is a slight increase from last month when 74% of fund managers thought BTC was a bubble. Bank of America itself has also warned about cryptocurrency being in a bubble. In January, the bank’s chief investment strategist said Bitcoin is the mother of all bubbles.
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