According to CoinMeta, the latest survey of Bank of America’s global fund managers shows that managers’ optimism has reached near a four-year high. The survey indicates that market fragility may stem more from positions held by managers rather than valuation or macro risks. Cash levels have dropped to record lows, and stock allocations have reached a five-year high, suggesting that there is limited room for further market gains. The survey also shows that the proportion of fund managers concerned about overcrowded semiconductor trading has decreased from 80% to nearly half, indicating some rotation in the tech sector. In the survey, 56% of respondents do not expect an economic slowdown, while 43% predict a boom in the economy, reflecting strong confidence in economic prospects.