What's going on?

So much for social distancing: a new survey from Bank of America (BoA) revealed investors think bitcoin is the world�s �most crowded� trade.

What does this mean?

Every month, BoA asks its clients � an assortment of investment managers who look after a $600 billion between them � which market they think too many investors are buying into. And for the first time since 2017, it was bitcoin that took the top spot. That revelation might give skeptical investors cause for concern: it means there are now so many investors buying into the cryptocurrency, there might be no one to sell to if it suddenly falls out of favor�

Why should I care?

Zooming in: Bubble trouble.�

You don�t need to look far to find one investor arguing that bitcoin�s in a bubble and another taking the opposite stance. But one thing�s for sure: its movements are definitely unprecedented. One hedge fund recently pointed out that bitcoin�s survived even after three drops of 80% in less than 10 years � something that�s never happened to another market. Then again, the firm also reckons the market could just be trying to find the right price for a (relatively) new asset � and says bitcoin could eventually become more stable.

For markets: Easy answers.

BoA�s survey also revealed its clients were feeling pretty optimistic about global growth: the portion of investment managers that said yes, the global economy is in the early stages of an expansion was at its highest in a decade. They�re putting their money where their mouth is too: the firms revealed they�d invested in energy, materials, and banks this month � all sectors that are sensitive to a pick-up in economic growth.