Joe McCann Shuts Down Asymmetric Liquid Alpha Fund Amid Steep Losses, Refocuses on Long-Term Crypto Bets
Crypto investor Joe McCann is closing Asymmetric’s Liquid Alpha Fund following reports of significant losses and mounting criticism over its recent performance.
In a post shared on social media, McCann acknowledged that the trading-focused strategy “is no longer serving our LPs,” and confirmed the firm will pivot away from liquid markets to concentrate on longer-horizon investments in blockchain infrastructure.
While McCann didn’t disclose exact figures, speculation online suggests the fund may be down as much as 78% year-to-date. The Liquid Alpha Fund was originally designed for high-volatility environments but struggled to adapt as market conditions stabilized.
Shifting Strategy in a Maturing Market
The decision comes amid falling crypto volatility. The Crypto Volatility Index (CVI) has declined nearly 30% over the past year, according to TradingView, reflecting a broader cooldown in short-term speculative activity.
McCann said investors have been offered an exit from the liquid fund outside standard lock-up provisions, or the option to roll into a new vehicle focused on illiquid, long-term opportunities.
“Our role is to remain disciplined and evolve as the market evolves,” McCann wrote.
He also noted that while the Liquid Alpha Fund has underperformed, Asymmetric’s other vehicles — particularly its venture arm — continue to operate as planned. That division will remain active in backing early-stage blockchain startups.
A former technologist and Wall Street trader, McCann described the experience as a test of conviction: “These moments challenge your resolve, but the only way forward is through.”
