Cryptocurrency News

Asian Hedge Fund Managers Support Growth Against Bitcoin: Goldman Sachs Survey


Earlier this week, a Bank of America survey found that US hedge fund managers favor bitcoin (B T c) on technology, but a Goldman Sachs survey with Asian chief investment officers tells a different story.

Goldman Sach Global Investment Research published A new poll polled 25 chief investment officers from various hedge funds. The results show that bitcoin is the least preferred investment class for 35% of participants.

“We held two CIO roundtable sessions earlier this week, attended by 25 CIOs from various long-only and hedge funds,” wrote Goldman Sachs strategist Timothy Moe. His most preferred development style but least favorite on bitcoin.

Goldman Sachs Global Investment Research Survey. Source: Bloomberg.

New Initial Public Offerings or IPOs follow bitcoin as the least preferred investment style with 25%.

On the other hand, more than half (55%) favor growth investing, which is investing in companies that deliver strong earnings growth. This is followed by value-style investing (30%), in other words, looking for undervalued assets in the market.

While the survey sample size for generalization is small, the Goldman Sachs survey does the opposite. Recent Survey of Bank of America (Bofa). With responses from 194 fund managers with $592 billion in assets under management, the BofA survey suggests that the “long bitcoin” bet is now the most crowded trade of all markets.

According to a BofA survey, “Long Bitcoin” has even surpassed “Long Tech” trading, with almost 45% of respondents backing the largest cryptocurrency on the tech. BofA noted in the survey comments that trades identified as crowdfunding have historically heralded the coming tops for their respective markets.

After a bearish month, Bitcoin has had a rocky start to June. as Miners sold over 5,000 BTC Over the past week, bitcoin fell below $33,000 for the first time since May 23.

Global crypto market lost nearly $500 billion alone this week. The losses of the last two months after the peak in April completely wiped out the previous quarter’s growth in the market.