Bank of America Survey: Most Fund Managers Say Bitcoin Is a Bubble, Inflation Is Transitory

The latest Bank of America’s Global Fund Manager Survey shows that “long bitcoin” is now the second most crowded trade. Moreover, most fund managers believe bitcoin is in a b

ubble and agree with the Fed that inflation is transitory.

Bank of America’s June Fund Manager Survey

Bank of America (BofA) released its June Global Fund Manager Survey this week. The survey, conducted between June 4-10, covers 224 fund managers with $667 billion under management.

The fund managers were asked about many issues of concern to investors, ranging from where the economy and markets are heading to how much cash portfolio managers are holding and which trades they see as most overdone.

“Long commodities” is now the most crowded trade, overtaking “long bitcoin” which is now the second most crowded trade. The third most crowded trade is “long tech stock,” followed by “long ESG,” “short U.S. Treasuries,” and “long euro.”