Bitcoin Becomes The New Darling of Trading

According to the latest Bank of America survey, about 15% of fund managers said bitcoin is the third most crowded trade right now, after long tech stocks and short the dollar.

Bitcoin, the world’s No. 1 cryptocurrency, is during a spectacular rally, surging around 170% for the year and hitting a new all-time high recently. The reason for Bitcoin's surge is Wall Street's growing interest in digital assets, which many institutions hope to capture excess returns in the context of low global interest rates.

According to Chainalysis chief economist, Philip Gradwell, the Bitcoin market is being driven by North American institutional investors. Seth Ginns, the managing partner at New York-based investment firm CoinFund, said hedge funds have shown a strong interest in bitcoin, and the trend of more institutional investors joining the army

of investors is likely to continue next year.

    It seems that the myth of Bitcoin will continue to play out.