Long bitcoin, short the dollar?
Those two trades have been deemed among the most crowded by fund managers surveyed this month by Bank of America/BofA Securities.
As part of the firm’s Global Fund Manager Survey, which goes out every month, “long bitcoin” is considered the third-most crowded trade among those surveyed. Meanwhile, participants in the survey found “short US dollar” to be the second-most crowded trade and “long tech” as the most crowded trade.
The US dollar has been getting clobbered, trading at more than two-year lows.. Meanwhile, bitcoin is up more than 20% over the last month. Tech stocks have been enjoying a nice run as well, fueled by new public market debuts like Airbnb. The tech-heavy Nasdaq Composite index is up more than 5% over the past month.
FMS investors, according to the survey, think that run will continue, with optimism on risk-on assets including stocks hitting its highest level since 2011.
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