BofA survey: Bitcoin overtakes “long tech” as most crowded trade
LONDON (UK) – Bank of America’s monthly fund manager survey revealed on Tuesday that a long position on bitcoin overtook “long tech” as the trade fund managers said was the most crowded this month.
For the first time since October, a long position on tech firms was knocked off from the top spot as investors said long bitcoin was the most crowded trade. The third most crowded as the short position on the greenback.
A record 83% of investors expected a steeper yield curve and that is more than after the 2008 Lehman Brothers collapse, the 2013 US Federal Reserve’s “Taper Tantrum” or after the 2016 US presidential vote. The expectation of higher bond yields was at or close to all-time highs.