Bank Of America Survey: 'Long Bitcoin' Is Most Crowded Trade, 75% Of Fund Managers See BTC As Bubble

THELOGICALINDIAN - The best contempo Bank of America Armamentarium Manager Survey finds that the best awash barter is continued bitcoin Nonetheless 75 of armamentarium managers say the cryptocurrency is in a balloon zone

Fund Managers Say Long Bitcoin Is Most Crowded Trade but Most See Bubble

The Bank of America (BoA) Fund Manager Survey for May, appear Tuesday, shows that “long bitcoin” is currently the best awash barter in the world. Last month, continued bitcoin was the second-most awash trade, with the best awash barter actuality “long tech.”

Bank of America surveyed 216 armamentarium managers with $625 billion in absolute assets beneath administration (AUM) amid May 7 and May 13.

According to the results, armamentarium managers say “long bitcoin” is the best awash barter at 43%. The analysis addendum that actuality articular as awash has historically been associated with tops.

Bank of America Survey: 'Long Bitcoin' Is Most Crowded Trade, 75% of Fund Managers See BTC as Bubble

This was not the aboriginal time bitcoin topped the account as the best awash barter in a Bank of America Fund Manager Survey. It was additionally the best awash barter in January afore the BTC amount hit almanac highs. The cryptocurrency additionally topped the blueprint during the 2017 balderdash run.

Other accepted trades amid armamentarium managers are continued technology, continued ESG, and abbreviate U.S. treasuries. The analysis additionally begin that aggrandizement was articular as the top appendage risk.

Meanwhile, 75% of the armamentarium managers surveyed said bitcoin is in a balloon zone. This was a slight access from the previous month back 74% of armamentarium managers said BTC was a bubble. Bank of America itself has additionally warned about the cryptocurrency actuality in a bubble. In January, the bank’s arch advance architect said bitcoin was “the mother of all bubbles.”

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Image Credits: Shutterstock, Pixabay, Wiki Commons, Bank of America