Joe McCann Shuts Down Asymmetric’s Liquid Alpha Fund After Steep Losses

Joe McCann, founder of crypto investment firm Asymmetric, announced he is winding down the firm’s Liquid Alpha Fund following severe underperformance and mounting criticism. In a social media post, McCann acknowledged that the fund’s strategy “is no longer serving our LPs,” noting it had been designed for highly volatile markets but had failed to deliver in the current environment.

The decision follows widespread online speculation that the fund suffered losses of up to 78% this year. While unconfirmed, the chatter reflects broader challenges facing liquid crypto trading strategies amid declining market volatility. Data from TradingView shows the Crypto Volatility Index (CVI) has dropped nearly 30% over the past 12 months, signaling a more mature digital asset market with fewer sharp price swings.

Asymmetric is offering investors the option to withdraw capital without standard lock-up restrictions or roll their stakes into a new, illiquid structure focused on long-term blockchain infrastructure investments. McCann emphasized that the firm’s venture arm remains unaffected and will continue backing early-stage crypto projects.

A former technologist and trader, McCann framed the fund’s downturn as a test of resilience, stating, “Our job is to adapt with discipline and build for what’s next.” Despite the setback, he stressed that Asymmetric’s broader investment vehicles continue to operate.

A previous version of the story mistakenly linked to a fake social media post purportedly from McCann. The company later confirmed the post was not authentic.

This shift highlights a growing trend among crypto funds moving away from short-term trading toward infrastructure and venture strategies as the market matures and volatility wanes.