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Bank of Americaâs latest global fund manager survey shows that âlong bitcoinâ is now the third most crowded trade. The most crowded trade is now âlong tech stocks,â followed by âlong ESG.â
Bank of Americaâs global fund manager survey for July, published Tuesday, shows that âlong bitcoinâ has fallen to third place among the most crowded trades. The Global Fund Manager Survey is Bank of America Securitiesâ monthly report that canvasses the views of approximately 200 institutional, mutual, and hedge fund managers around the world.
The most crowded trade is now âlong tech stocks,â followed by âlong ESG,â and âlong bitcoin.â âLong commoditiesâ has fallen to fourth place from being the most crowded trade last month.
The surveyed fund managers in July were much less bullish over growth, earnings, and inflation compared to earlier in the year, Bank of Americaâs survey shows. Overall, 74% of fund managers still expect growth and inflation to be âabove trend.â
âLong bitcoinâ was the most crowded trade in May when âlong tech stocksâ came second, followed by âlong ESG.â In June, âlong commoditiesâ overtook âlong bitcoinâ as the most crowded trade, leaving the cryptocurrency trade in second place. âLong tech stocksâ ranked third and âlong ESGâ fourth at the time.
Meanwhile, Bank of America has established a cryptocurrency research team, according to the bankâs internal memo. âWe are uniquely positioned to provide thought leadership due to our strong industry research analysis, market-leading global payments platform, and our blockchain expertise,â the bank said last week. Bank of America also recently released a report stating that digital currency âcould boost economic growthâ in developing countries.
What do you think about tech stocks and ESG overtaking bitcoin as the most crowded trades in the new Bank of America survey? Let us know in the comments section below.
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