According to BofA’s latest, just released December monthly Fund Managers Survey, in which 172 participants with $480bn in AUM responded to dozens of questions, among which “what do you think is the most crowded trade.”  “Long Bitcoin” is once again viewed as the most crowded trade according 32% of the respondents, followed by “Long FAANG+BAT” at 29%, and “Short Vol” in third with 14% of the responses.