BofA: Bitcoin Is 3rd Most Popular Trade After Tech Stocks and ESG
“Long bitcoin” is now the third most crowded trade, according to Bank of America’s latest global fund manager survey. The most popular trade is “long tech stocks,” followed by “long ESG.”
Bank of America’s global fund manager survey for July, which was published on Tuesday 13 July 2021, shows that “long bitcoin” has dropped to third place among the most crowded trades.
The Global Fund Manager Survey is Bank of America Securities’ monthly report that covers the views of 200 institutional, mutual, and hedge fund managers globally.
The most crowded trade is now “long tech stocks,” followed by “long ESG,” and “long bitcoin.” “Long commodities” has fallen to fourth place from being the most crowded trade last month.
According to the latest survey, the fund managers were much less bullish over growth, earnings, and inflation compared to earlier in the year. Overall, 74% of fund managers still expect growth and inflation to be “above trend.”
“Long bitcoin” was the most crowded trade in May when “long tech stocks” came second, followed by “long ESG.” In June, “long commodities” overtook “long bitcoin” as the most crowded trade, leaving the cryptocurrency trade in second place. “Long tech stocks” ranked third and “long ESG” fourth at the time.
“We are uniquely positioned to provide thought leadership due to our strong industry research analysis, market-leading global payments platform, and our blockchain expertise,” the bank said last week. Bank of America also recently released a report stating that digital currency “could boost economic growth” in developing countries.
