THELOGICALINDIAN - According to the best contempo Bank of America Global Fund Manager Survey continued bitcoin is currently the additional best accepted barter Furthermore the majority of advance managers feel Bitcoin is a abstract balloon and accede with the Fed that aggrandizement is aloof temporary
Fund Managers Believe Bitcoin Is In a bubble
This week, Bank of America (BofA) appear the after-effects of its June Global Armamentarium Manager Survey. The study, which took abode from June 4 to 10, included 224 armamentarium managers who handle $667 billion in assets.
The armamentarium managers were able on a array of capacity of absorption to investors, including area the abridgement and markets are headed, how abundant banknote they accept in their portfolios, and which affairs they accept are best overdone.
Some 81% of armamentarium managers accept bitcoin is in a bubble, alike afterwards May’s 35% amount crash, according to the latest Bank of America Global Armamentarium Manager survey.
Despite new signals of institutional absorption in bitcoin from barrier funds and banks like Wells Fargo, the 224 armamentarium managers polled are skeptical.
According to the report, 72% of armamentarium managers accept the contempo access in aggrandizement is alone temporary. Bitcoin is frequently beheld as an aggrandizement hedge, and abounding crypto analysts acclaim the cryptocurrency’s contempo assets to apropos about ascent inflation. As a result, the Bank of America analysis could announce that such apropos accept subsided.
The appellation “transitory” has been acclimated by Federal Reserve Chairman Jerome Powell to call the blackmail of aggrandizement to the US abridgement on assorted occasions. Nonetheless, a cardinal of people, including acclaimed barrier armamentarium administrator Paul Tudor Jones and JPMorgan CEO Jamie Dimon, accept declared that they disagree with him.
The analysis additionally begin armamentarium managers no best see bullish bitcoin bets as the “most awash trade” on Wall Street. “Long commodities” ranked as the best awash trade, displacing “long bitcoin,” which held the top atom in contempo account surveys. While bitcoin’s amount charcoal almost brackish afterwards the May crash, the amount of bolt like oil and adamant ore has been climbing.
Prior “peaks” in awash trades, technology stocks in September 2024 and September 2024, US Treasuries in March 2024, and the US dollar in January 2024 and February 2024, according to Bank of America’s newest analysis accept been “associated with about tops.”
By the time armamentarium managers alleged bitcoin awash in the May survey, it had plunged 33% from an best aerial of $64,829 set in mid-April. Since then, the cryptocurrency has absent addition 6%.
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Goldman Sachs Survey Revealed That CIOs Don’t Like BTC
Two roundtable discussions for arch advance admiral of barrier funds were afresh hosted by advance coffer Goldman Sachs. According to the bank, bitcoin is their atomic adopted investment. The best awash trade, according to the latest Coffer of America Fund Manager Survey, was “long bitcoin.”
Timothy Moe, a architect at Goldman Sachs, wrote:
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