In case there were any doubt about how hot Bitcoin or “crypto” is these days, look no further than the latest Bank of America fund manager survey.

The poll, which captures 194 fund managers with $592 billion worth of AUM overall, says that “Long Bitcoin” is the most crowded trade in the world right now. 

As the notes in the survey suggest, being identified as crowded has historically been associated with tops: ‘"Long Bitcoin" is now the most crowded trade at 27 per cent. Prior "peaks" in crowded trades (tech Sep'20 & Sep'18, US Treasuries Mar'20, US dollar Jan'17 & Feb'15) were associated with relative tops.’

This isn’t the first time that the cryptocurrency topped the list. Actually it was at the peak back in January, right before it went onto explode higher. It also topped the charts back in 2017 the last time crypto went nuts.

So while it’s tempting to read some contrarian signal into this, note that Long Tech or Long FANG or Long UST have frequently been identified as the most crowded trade and generally… these trades have done quite well.