... at least according to BofA's latest, just released monthly Fund Managers Survey, in which 181 participants with $549bn in AUM responded to dozens of questions, among which "what do you think is the most crowded trade." In September, for the first time ever, the top answer, per 26% of respondents, was Bitcoin, (which as BofA handily reminds us was up as much as 344% YTD), #2 was "long Nasdaq" (up 20% YTD) according to 22% of fund managers, while the "Short US Dollars" (-11% YTD) was third at 21%. Note: long US$ was most crowded trade as recently as Mar'17.

Of course, this does not mean that everyone is long bitcoin; it just means that everyone thinks everyone else is long bitcoin...

Another notable change in September: "central bank policy mistake" is no longer the biggest tail risk - that honor now belongs to North Korea by some margin (34% of respondents) , followed by Fed/ECB policy mistake (21%) and Chinese Credit Tightening (15%).