BofA’s Hartnett says crypto and speculative technology collapses now competing with Dot-com Bubble Crash and GFC by Investing.com

   2022-05-13 11:05


© Reuters. ‘Exodus From Wall Street’, ‘Crypto Implosion’: BofA’s Hartnett says crypto- and speculative technology now collapses rivals Dot-com Bubble Crash and GFC

Bank of America’s Michael Hartnett, one of the most prominent bears on the street, said an “exodus” is now taking place on Wall Street.

Hartnett’s comments accompany BofA’s flows in the week to Wednesday, which showed investors withdrew $ 6.2 billion from equities, $ 11.4 billion from bonds, $ 19.7 billion from cash and $ 1.8 billion from gold.



The data also show the largest inflow of government bonds since March 2020 ($ 11.5 billion), the largest outflow of EM shares since June 2020 ($ 4.4 billion), the largest YTD outflow from technology stocks ($ 1.1 billion ) and the 1st YTD outflow from materials ($ 0.9). billion).

The strategist also noted the “crypto-implosion” where Coinbase (NASDAQ 🙂 traded about 90% lower compared to all-time highs.

“Crash in crypto / speculative technology now competes with Internet bubble crash (Nasdaq -73% top-to-trough) & GFC (banks -78%); trading pattern for post-bubble assets always raging bear rallies in the middle of dead sideways trading area in a couple of years, ”Hartnett said in a customer note.

The crypto-crash “exacerbates Wall St ‘fear and disgust’, fears of VC marks, PE collapse, bank loan collapse, dumping of Big Tech,” Hartnett added.

Hartnett also noted that the rise in bonds this week (yet) has not coincided with a rise in biotech, which is trading below 2018 and 2022 lowest.

But the strategist also has “good news” for bulls.

“Last of ‘crowded trades’ short Japanese yen and long commodities are starting to relax, the dollar has not yet melted into new territory,” he concluded.

By Senad Karaahmetovic


Original Source


CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin29,206 0.76 % 2.54 % 1.01 %
Ethereum1,940.6 0.77 % 4.91 % 6.74 %
Tether1.001 0.15 % 0.04 % 0.54 %
USD Coin1.002 0.02 % 0.01 % 0.14 %
BNB297.64 0.86 % 1.77 % 10.64 %
XRP0.4043 0.37 % 5.79 % 2.97 %
Binance USD1.004 0.17 % 0.21 % 0.31 %
Cardano0.5167 1.49 % 8.05 % 0.06 %
Solana49.32 1.23 % 8.97 % 1.98 %
Dogecoin0.08417 0.80 % 5.46 % 0.10 %
Polkadot9.650 1.86 % 7.60 % 8.42 %
Wrapped Bitcoin29,156 0.67 % 2.71 % 1.23 %
Lido Staked Ether1,907.1 0.59 % 4.90 % 7.23 %
Avalanche28.08 0.12 % 16.24 % 9.14 %
TRON0.07278 0.58 % 1.24 % 3.00 %
Shiba Inu0.00001155 1.20 % 6.43 % 3.61 %
Dai1.003 0.15 % 0.19 % 0.46 %
Cronos0.1872 0.74 % 5.03 % 3.67 %
Litecoin67.21 1.00 % 7.35 % 1.15 %
LEO Token4.980 1.27 % 0.14 % 4.73 %