Bad news for the owners of bitcoin. Currently, a long position in the cryptocurrency is determined by the financial institution Bank of America Merrill Lynch as the most overcrowded deal. And usually, such deals do not end well...Managers of large institutional investors do not really help, buying bitcoins, unwilling to miss the trades of the year.
The fact that the bitcoin is the most crowded deal on the market at the moment is based on a survey of 203 managers, $558 billion worth of management.
It is not a big surprise that everyone is going to buy bitcoins, given the astronomical rise in the cryptocurrency. It rose by 1,800% against the US dollar since the beginning of the year, with its market capitalization already more than $300 billion.
No comments:
Post a Comment