Bitcoin overtakes 'long tech' as most crowded trade - BofA survey


FILE PHOTO: A representation of virtual currency Bitcoin is seen in front of a stock graph in this illustration taken November 19, 2020. REUTERS/Dado Ruvic/File Photo

LONDON (Reuters) - A long position on bitcoin overtook "long tech" as the trade fund managers said was the most crowded in January, Bank of America's monthly fund manager survey showed on Tuesday.

For the first time since October, a long position on technology companies was knocked off the top spot, as investors said that long bitcoin was the most crowded trade. A short position on the U.S. dollar was seen as the third most crowded.

A steeper yield curve was expected by a record 83% of investors - that's more than after the 2008 Lehman Brothers collapse, the 2013 U.S. Federal Reserve's "Taper Tantrum" or after the 2016 U.S. election. The expectation of higher bond yields was at or close to all-time highs.

The top tail risks to the economy were thought to be problems with the vaccine rollout (30%), the Fed easing its asset purchases (29%), and a Wall Street bubble (18%).

(Reporting by Elizabeth Howcroft; editing by Thyagaraju Adinarayan)

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 18
Cxense type: free
User access status: 3

   

Did you find this article insightful?

Yes
No

100% readers found this article insightful

Next In Tech News

Beijing dismisses alleged Chinese hacking of Indian vaccine makers
Amazon issues rare apology in India after complaints that series hurt Hindu beliefs
Facebook Oversight Board changes timeline rules for action on case appeals
Reliance Jio splashes out $8 billion in Indian airwaves auction
Google teams up with Allianz, Munich Re to insure its cloud users
Adevinta, eBay to sell UK units to secure $9.2 billion tie-up
'Pawri' power: 5-second social media clip pulls India, Pakistan closer
US asks Google for detailed search data in antitrust case
WhatsApp announces new feature for users to mute audio in videos before sharing
Kremlin says Elon Musk's Clubhouse invitation to Putin came to nothing

Stories You'll Enjoy


Vouchers