Bitcoin Becomes 3rd Largest Trade Product Worldwide

Bitcoin Cryptocurrency News

Bank of America publishes its latest survey carried for determining which particular asset is the most crowded. Interestingly Bitcoin ended up at 3rd place in the survey by becoming the world’s 3rd biggest asset. At first, is the tech stocks and in the second place in the ESG.

Surveys of market conditions are important as they let investors and concerned determine the existing trends and where the interest is shifting. If a businessman is trying to invest in any particular business, these surveys become quite handy. First of all, they allow the investors to strategize their business plans according to a survey’s results and findings. Secondly, the surveys provide first-hand knowledge and feedback required to an investor to analyze public and market behaviors.

One of the latest surveys being published is the one carried out by the Bank of America for the month of July 2021. The survey has been published on the 13th of July, 2021 which suggested some intriguing findings.

According to the Bank of America’s survey in respect of global fund management, Bitcoin has lost its place in the market. Since 2020, Bitcoin was able to astonish the entire world by continuously fetching more and more base value. This then led Bitcoin to become the world’s number one most crowded and traded asset in the trading field. It even went onto take a lead from Gold, which was otherwise remained at the top of the trading industry most of the time.

The results of the survey show that Bitcoin has subsequently lost two positions and is now in third place. Bitcoin has in fact been replaced by two other trading products namely ESG and tech stocks. While tech stocks managed to acquire the first position but on other hand, ESG retained the second position.

The survey was based on the data collected directly from around two hundred fund managers which included mutual, hedge, and institutional fund managers.

Tech stocks are now officially the most crowded product of trade globally while ESG is the second. The findings of the survey were also not favorable for “long commodities” as they have been brought down at number 4.

The survey also suggested that most of the fund managers were still hopeful regarding Bitcoin. They are of the view that inflation will soon take on the global markets and Bitcoin will once again obtain a boost.

Before May this year, Bitcoin was still holding the number one spot. However, Bitcoin’s spot was frustrated by long tech stocks which snatched the number one position from Bitcoin in May 2021. Later on, in the month of June, there was another upset for Bitcoin as ESG became the second most crowded product of trade bypassing Bitcoin.

After the survey, the Bank of America has constituted its research team for crypto, and for that purpose, an inter memo too has been published. The bank believes that crypto has the capability of boosting the global economy.

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