Long bitcoin, short dollar among most crowded trades, according to Bank of America survey
December 15, 2020, 11:20AM EST
1 min read
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.
Iceland-headquartered bitcoin mining firm Genesis Digital Assets has raised $431 million in a strategic funding round led by investment firm Paradigm. Genesis Digital Assets said in an announcement on Tuesday that other investors in the round included NYDIG, Stoneridge, FTX, Ribbit, Electric Capital, Skybridge, and Kingsway Capital. Kingsway also invested $125 million in a previous […]