Bank of America’s latest global fund manager survey shows that long bitcoin is now the third most popular trade. The busiest trade now is “long tech stocks”, followed by “long ESG”.
Bank of America’s global fund manager survey for July, published Tuesday, shows that long bitcoin has fallen to third place among the busiest trades. The Global Fund Manager Survey is Bank of America Securities’ monthly report that collects the views of approximately 200 institutional, mutual and hedge fund managers worldwide.
The busiest trade is now “Long Tech Stocks”, followed by “Long ESG” and “Long Bitcoin”. “Long Commodities” fell from the busiest trading venue to fourth place last month.
The fund managers surveyed were significantly less optimistic about growth, earnings and inflation in July than they were at the beginning of the year, according to the Bank of America survey. Overall, 74% of fund managers continue to expect growth and inflation to be “above trend”.
“Long Bitcoin” was the busiest trade in May, when “Long Tech Stocks” ranked second, followed by “Long ESG”. In June, “long commodities” overtook “long bitcoin” as the busiest trade, leaving cryptocurrency trading in second place. “Long-Tech-Aktien” was in third place and “Long-ESG” in fourth.
Meanwhile, Bank of America has set up a cryptocurrency research team, according to the bank’s internal memo. “We are uniquely positioned to be thought leaders because of our strong industry research, market-leading global payments platform and blockchain expertise,” the bank said last week. Bank of America also recently released a report that said the digital currency “could boost economic growth” in developing countries.
What do you think of tech stocks and ESG overtaking Bitcoin as the busiest trades in Bank of America’s new survey? Let us know in the comment section below.
Photo credits: Shutterstock, Pixabay, Wiki Commons, Bank of America
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