Bank of America’s latest global fund manager survey shows that “long bitcoin” is now the third most crowded transaction. The most crowded trade now is “long technology stocks”, followed by “long ESG”.
The July Global Fund Manager Survey released by Bank of America on Tuesday showed that “long Bitcoin” has fallen to third place among the most crowded transactions. The Global Fund Manager Survey is a monthly report of Bank of America Securities, which collects the views of about 200 institutions, mutual funds and hedge fund managers around the world.
The most crowded trade now is “long technology stocks”, followed by “long ESG” and “long Bitcoin.” “Long products” has fallen to fourth place from the most crowded deal last month.
The Bank of America survey showed that compared with earlier this year, fund managers surveyed in July were much less optimistic about growth, earnings and inflation. Overall, 74% of fund managers still expect growth and inflation to be “above-trend”.
“Long Bitcoin” was the most crowded transaction in May, when “Long technology stocks” ranked second, followed by “Long ESG.” In June, “long commodities” replaced “long Bitcoins” as the most crowded transactions, placing cryptocurrency transactions in second place. “Long Technology Stocks” ranked third at the time, and “Long ESG” ranked fourth.
At the same time, according to Bank of America’s internal memo, Bank of America has established a cryptocurrency research team. The bank said last week: “Due to our strong industry research and analysis, market-leading global payment platform, and our blockchain expertise, we are in a unique position to provide thought leadership.” Bank of America also recently published a copy. The report stated that digital currencies “can promote economic growth in developing countries.”
What do you think about technology stocks and ESG replacing Bitcoin as the most crowded transaction in the new Bank of America survey? Let us know in the comments section below.
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