Joe McCann Shutters Liquid Alpha Fund Amid Heavy Losses, Shifts Toward Long-Term Blockchain Bets
Joe McCann, founder of crypto investment firm Asymmetric, has announced the closure of the firm’s Liquid Alpha Fund following significant underperformance and shifting market dynamics.
In a public statement, McCann admitted that the fund’s strategy—once tailored for volatile market conditions—was no longer aligned with investor interests. “The Liquid Alpha Fund clearly is no longer serving our LPs,” he wrote, citing the firm’s decision to pivot away from short-term liquid trading strategies toward longer-horizon investments in blockchain infrastructure.
While exact figures remain unverified, reports circulating on social media suggest the fund may have been down as much as 78% year-to-date.
Investors Offered Exit or Rollover Options
Investors in the fund have been given the option to withdraw their capital without standard lock-up restrictions or roll it into a new illiquid vehicle focused on long-term blockchain opportunities. McCann emphasized that while the Liquid Alpha strategy had faltered, other areas of Asymmetric’s business—particularly its venture investment arm—remain strong and operational.
“Our job is to adapt with discipline and build for what’s next,” he said, reaffirming the firm’s broader commitment to the digital asset space.
Volatility Drop Signals Market Maturity
The fund’s closure comes at a time of declining volatility in the crypto sector. The Crypto Volatility Index (CVI) has dropped nearly 30% over the past year, indicating a maturing market that increasingly favors patient, infrastructure-oriented capital over fast-paced trading.
McCann, a former technologist and Wall Street trader, acknowledged the difficulty of the moment but framed it as a necessary step in the evolution of both his firm and the crypto industry at large. “The only way forward is through,” he said.
