Bank of America: Cryptocurrency and the US stock market are building up bubbles

Golden Finance reported that, according to Bloomberg, cash became the darling of funds last week, while Cryptocurrency funds also attracted a large amount of inflows. In the week ending December 4th, money market funds attracted $136.4 billion, the largest single-week inflow since the banking turmoil in March 2023. It is worth noting that Cryptocurrency funds received $3 billion in inflows, with a four-week inflow of $11 billion, the highest level ever. This reflects a surge of investor interest in digital assets after Trump's victory. Michael Hartnett, a strategist at Bank of America, pointed out that with BTC's market cap surpassing $2 trillion, comparable to becoming the 11th largest economy in the world, there are signs of a 'bubble' in the cryptocurrency market. Similarly, concerns about stock valuations are also highlighted, with the price-to-book ratio of the S&P 500 at 5.3, surpassing the peak of 5.5 during the March 2000 Internet bubble.