Fund managers dump US stocks at record pace — Can recession fears hurt Bitcoin?
Investors’ cash allocation has risen from 3.5% to 4.1% in a month, spelling troubles for risk-assets like Bitcoin and cryptocurrencies in general.
Bitcoin’s (BTC) price action has closely mirrored that of the US equity market in recent years, particularly the tech-heavy Nasdaq and the benchmark S&P 500.
Now, as fund managers stage a historic exodus from US stocks, the question arises: could Bitcoin be the next casualty?
Investors slashed their exposure to US equities by the most on record by 40-percentage-points between February and March, according to Bank of America’s latest survey.
