Joe McCann is winding down Asymmetric’s Liquid Alpha Fund following accusations of significant value loss this year and intense online criticism.
In a social media post, the crypto investor stated that the strategy behind the Liquid Alpha Fund “clearly is no longer serving our LPs.” He noted that the fund was originally designed for volatile markets and had previously delivered results, but now Asymmetric would be “shifting away from liquid trading strategies” toward longer-term investments in blockchain infrastructure.
This decision comes after unconfirmed social media chatter indicating that the liquid fund was down 78% this year.
The move isn’t entirely unexpected, as volatility in the crypto market has significantly declined over the past twelve months, suggesting a more mature digital assets market. According to TradingView data, the Crypto Volatility Index (CVI) is down almost 30%.
Investor exit
Investors in the liquid fund have been given the option to exit without adhering to standard lock-up terms or to roll their capital into a new, illiquid investment structure. “Our job is to adapt with discipline and build for what’s next,” McCann wrote.
The firm comprises multiple investment vehicles, and while the Liquid Alpha Fund faced challenges, other sectors of the business—particularly its venture strategy—remain strong. This venture arm will continue to support early-stage blockchain projects.
McCann, a former technologist and trader turned crypto investor, described the fund’s poor performance as a test of “one’s resolve” but emphasized that “the only way forward is through.”
Correction: An earlier version of this story included a link to a post on social media, allegedly written by McCann. However, a spokesperson confirmed that the post was fake.
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