Bank of America’s latest survey of global fund managers shows that “long bitcoin” is now the third busiest transaction. The most crowded trade is now “long technology stocks”, followed by “long ESG stocks”.
Bank of America’s Global Fund Manager Survey for July, released Tuesday, shows “long bitcoin” has fallen to third place among the most congested transactions. The Global Fund Manager Survey is Bank of America Securities’ monthly report that collects the views of approximately 200 institutional, mutual and speculative fund managers around the world.
The most crowded trade now is “long tech stocks”, followed by “long ESG” and “long bitcoin”. “Long commodities” fell to fourth place after being the most crowded trade last month.
Fund managers surveyed in July were much less bullish on growth, earnings and inflation compared to the start of the year, according to the Bank of America survey. 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 cryptocurrency trading in second place. “Long tech stocks” ranked third and “ESG long stocks” fourth at the time.
Meanwhile, Bank of America has established a cryptocurrency research team, according to the bank’s internal memo. “We are uniquely positioned to provide thought leadership due to our strong industry research analysis, market-leading global payments platform and blockchain expertise,” said the bank last week. Bank of America also recently released a report stating that digital currency “could boost economic growth” in developing countries.
How do you feel about tech stocks and ESG overtaking bitcoin as the most congested transactions in Bank of America’s new survey? Let us know in the comments section below.
Image credits: Shutterstock, Pixabay, Wiki Commons, Bank of America
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