BAML Survey Shows The World Turned Upside Down: Most "Crowded Trades" Bitcoin & Short Vol

On a day when the much-ballyhooed tax plan passage in Congress leads to the stock market selling off Tuesday – buy the rumor, sell the fact – it is interesting to note that bitcoin selling off might just be the new indicator of “risk off” for the market. In part, this concept can be seen in Bank of America Merrill Lynch’s December 19 Global Fund Manager Survey, which paints an institutional picture of “Golditrumps” market environment where “short volatility” is a top three crowded trade alongside bitcoin.

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Benchmark history: Bitcoin and short vol are most crowded trades

BAML’s survey of 203 asset managers with more than $558 billion under management might be...