Bitcoin is the most crowded trade globally, says BofA Fund Manager Survey

Inflation is now counted as the biggest risk for markets with 35 per cent of FMS investors agreeing to this, followed by taper tantrum (27 per cent) and asset bubble (15 per cent)

Going ‘long bitcoin’ is the most crowded trade with 43 per cent of the fund managers surveyed in May by BofA Securities agreeing to this; followed by going long on technology, long ESG, and shorting US treasuries. However, 75 per cent of those surveyed suggest bitcoin is in a bubble zone. 

An overall total of 216 panelists with $625 billion in assets under management (AUM) participated in the survey between May 7 and 13. 194 participants with $592 billion in AUM responded to the Global FMS questions, while 78 participants with $133 billion in AUM responded to the Regional FMS