Mumbai: Bullish bets on bitcoin has emerged as the most crowded trade for the first time since October 2019, according to a survey of fund managers by Bank of America Securities.
About 36 per cent of the respondents identified ‘long bitcoin’ as the most crowded trade. A total of 217 fund managers with $596 billion worth of assets under management participated in the survey.
These two top crowded trades were followed by ‘short US dollar’ and ‘long corporate bonds’.
The survey showed that rollout of Covid-19 vaccine is seen as the biggest tail risk by 30 per cent of the fund managers, while 29 per cent believed the US Federal Reserve tapering its asset purchases is the biggest tail risk.
