RED FLAG: “MOST CROWDED TRADE” on Wall St Is LONG BITCOIN
SilverDoctors.com
September 12, 2017
Move over long US dollar, there’s a new trade in town. We don’t need to remind everybody here what happened to the dollar after having those honors back in January, but to anybody holding cryptocurrencies, this is a red flag…
from Zero Hedge
… at least according to BofA’s latest, just released monthly Fund Managers Survey, in which 181 participants with $549bn in AUM responded to dozens of questions, among which “what do you think is the most crowded trade.” In September, for the first time ever, the top answer, per 26% of respondents, was Bitcoin, (which as BofA handily reminds us was up as much as 344% YTD), #2 was “long Nasdaq” (up 20% YTD) according to 22% of fund managers, while the “Short US Dollars” (-11% YTD) was third at 21%. Note: long US$ was most crowded trade as recently as Mar’17.
The Rest…HERE
