“Long commodities” has become the most crowded trade in the world, according to a monthly survey of fund managers conducted by Bank of America.
Advertisement
Commodities, such as copper, gold, and oil, have been rallying hard because of strong demand after a major pandemic-driven recession. The fact that commodity prices are soaring against the backdrop of massive government spending is also widely seen as a harbinger of future inflation.
“Long Bitcoin” now comes in second place after topping the list last month. The previous poll was conveniently unveiled right on the cusp of a massive sell-off that took place on May 19.
Mon, 05/17/2021 - 14:39
Bank of America Now Uses Blockchain for Settling Stock Trades
While it was the case last month, becoming the most crowded trade doesn’t necessarily signal the market top. For instance, Bitcoin also came on top of the January BofA survey, but it went on to soar higher in the following months.
New XRP ATH to Come: Bollinger Bands, Ripple USD Stablecoin Breaks into Top 100, Deutche Bank Issues Bullish Bitcoin Statement — Crypto News Digest
'Crypto Dad' Speaks Out About Breakthrough Regulatory Cooperation
Coinbase to List 2 New Cryptocurrencies on Ethereum and Solana
XRP Trading Now Dominated by CME
Advertisement
Dan Burgin
Vladislav Sopov
U.Today Editorial Team