'Long bitcoin' is no longer the most crowded trade for big-money investors - but more fund managers than last month say it's in a bubble, BofA survey finds

• 21% of fund managers surveyed by BofA said "long bitcoin" is the most crowded trade, compared to 43% last month.
• Now, a majority of managers say "long commodities" is the most crowded trade.
• However, a growing number of managers surveyed by BofA said bitcoin is in a bubble.$4

"Long $4" is no longer considered the most crowded trade by a group of big-money fund managers surveyed by Bank of America.

The cryptocurrency has been overtaken by commodities, with 26% of fund managers saying "long commodities" is the most crowded trade, putting "long bitcoin" in a tie for second place with "long tech stocks." (Both received 21% of the vote.) $4, 43% of fund managers said "long bitcoin" is the most crowded.

Despite the world's largest cryptocurrency losing its first-place title, a growing number of managers told BofA bitcoin is in a bubble. 81% of managers said bitcoin is in a bubble, compared to about 75% of managers who said so in the May survey. These bubble concerns come even as bitcoin has lost roughly 37.5% of its value from its record high near $65,000 in April.

Though at its current levels near $40,000, bitcoin is up 38% year-to-date and 329% in the last twelve months.

The cryptocurrency's rally in the last few days has been aided by $4 made by billionaire investor Paul Tudor Jones. On Monday he told CNBC he likes bitcoin as a "portfolio diversifier and store of wealth."

"I want to have 5% in gold, 5% in bitcoin, 5% in cash, 5% in commodities. I don't know what I want to do with the other 80% at this point in time. I want to wait and see what the Fed's gonna do," Jones said, referring to the policy decision the central bank is set to make during its two-day meeting beginning today.

Bank of America surveyed 224 panelists with $667 billion in assets under management from June 4-10.