The newest Financial institution of America’s International Fund Supervisor Survey reveals that “lengthy bitcoin” is now the second most crowded commerce. Furthermore, most fund managers consider bitcoin is in a bubble and agree with the Fed that inflation is transitory.
Financial institution of America’s June Fund Supervisor Survey
Financial institution of America (BofA) launched its June International Fund Supervisor Survey this week. The survey, carried out between June 4-10, covers 224 fund managers with $667 billion underneath administration.
The fund managers have been requested about many problems with concern to traders, starting from the place the financial system and markets are heading to how a lot money portfolio managers are holding and which trades they see as most overdone.
“Lengthy commodities” is now essentially the most crowded commerce, overtaking “long bitcoin” which is now the second most crowded commerce. The third most crowded commerce is “lengthy tech inventory,” adopted by “lengthy ESG,” “quick U.S. Treasuries,” and “lengthy euro.”
Regardless of the BTC value pullback, 81% of the fund managers surveyed nonetheless assume that bitcoin is in a bubble. This can be a slight improve from Might when 75% of the fund managers surveyed mentioned bitcoin was in a bubble zone. Financial institution of America itself has additionally warned concerning the cryptocurrency being in a bubble. The financial institution’s chief funding strategist said in January bitcoin was “the mom of all bubbles.”
In the meantime, 72% of fund managers say that inflation is transitory, agreeing with what the Fed has been saying. Nevertheless, 23% assume inflation is everlasting. Federal Reserve Chairman Jerome Powell has used the phrase “transitory” to explain the specter of inflation to the U.S. financial system a number of occasions. Nonetheless, numerous individuals have indicated that they disagree with him, together with famed hedge fund supervisor Paul Tudor Jones and JPMorgan CEO Jamie Dimon.
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