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BofA Clients With $561 Billion Say Bitcoin Is Most Crowded Trade

  • Monthly survey shows investors betting on small caps and value
  • BofA strategists say a market correction could be imminent
Illuminated application-specific integrated circuit (ASIC) mining devices and power units in a rack inside a disused shipping container at the BitCluster cryptocurrency mining farm in Norilsk, Russia, on Sunday, Dec. 20, 2020. Norilsk may soon be famous for a different type of mining — it now hosts the Arctic's first crypto farm for producing new Bitcoins.
Photographer: Andrey Rudakov/Bloomberg

For the first time since 2017, Bank of America Corp. clients with $561 billion combined say Bitcoin is the world’s most crowded trade as speculative euphoria hits Wall Street.

Investors surveyed by the investment bank this month see signs that long positions in the largest digital currency are reaching unprecedented levels, while retail traders and institutional names join the crypto boom.