BofA investor survey: Long bitcoin 'dethrones' long tech as the most crowded trade

For the first time since 2017, bitcoin was reported as the most crowded trade among investors surveyed in Bank of America's January Global Fund Manager Survey. 

As per a report covering the survey, 36% of surveyed participants said that "long bitcoin" was the most crowded trade, followed by "long tech." "Long tech" and "Long US tech" had been the most crowded trades since the spring of 2020. 


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Bitcoin gained newfound interest among institutional investors in 2020, wooing investors ranging from Paul Tudor Jones to Anthony Scaramucci. Some institutional traders have described the asset as a possible hedge against inflation. 

Indeed, inflation appears to be a growing concern for investors, according to BofA's report. A record net 92% of fund managers surveyed said they expect inflation to tick higher in the next 12 months — the highest level ever. 

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Frank Chaparro is the Editor At Large at The Block. Chaparro started his career at Business Insider, where he specialized in the intersection of digital assets and Wall Street, market structure, and financial technology. Soon after joining Business Insider out of Fordham University, Chaparro was interviewing top finance and tech executives, including billionaire Mark Cuban, “Flash Boys” star Brad Katsuyama, Cboe Global Markets CEO Ed Tilly, and New York Stock Exchange President Tom Farley. In 2018, he become a sought after reporter in the crypto world, interviewing luminaries such as Tyler Winklevoss, the cofounder of Gemini, Jeremy Allaire, the CEO of Circle, and Fundstrat head Tom Lee. He runs his own podcast The Scoop and writes a biweekly eponymous newsletter. He leads special projects, including The Block's flagship podcast, The Scoop. Prior to The Block, he held roles at Business Insider, NPR, and Nasdaq. For inquiries or tips, email [email protected].