FILE PHOTO: A representation of the virtual currency Bitcoin can be seen in this illustration from November 19, 2020 in front of a stock graph. REUTERS / Dado Ruvic

LONDON (Reuters) – A long position in Bitcoin overtook “long tech,” which trading fund managers called the most crowded in January, according to Bank of America’s monthly fund manager survey on Tuesday.

For the first time since October, a long position in tech companies was ousted from the top as investors said long bitcoin was the busiest trade. A short position against the US dollar was considered the third largest position.

A steeper yield curve was expected by a record 83% of investors – more than after the collapse of Lehman Brothers in 2008, the “taper tantrum” of the US Federal Reserve in 2013 or after the US elections in 2016. The expectation of higher bond yields was at or near the all time high.

The biggest risks to the economy were thought to be problems with the introduction of vaccines (30%), the Fed easing asset purchases (29%) and a Wall Street bubble (18%).

Reporting from Elizabeth Howcroft; Adaptation by Thyagaraju Adinarayan