Joe McCann Shuts Down Asymmetric Liquid Fund, Cites Strategic Shift Toward Long-Term Blockchain Bets

Joe McCann is closing Asymmetric’s Liquid Alpha Fund after a year of steep underperformance and growing investor concerns. The fund, once positioned to thrive in highly volatile markets, reportedly lost as much as 78% year-to-date, though this figure remains unconfirmed.

In a post shared on social media, McCann acknowledged the strategy had “clearly stopped serving our LPs,” and said Asymmetric will pivot away from liquid crypto trading and toward long-horizon investments in blockchain infrastructure.

“This fund was designed for volatility and did deliver when markets moved,” McCann noted. “But our job is to adapt with discipline and build for what’s next.”

The decision follows a broader decline in market volatility, with the Crypto Volatility Index (CVI) falling nearly 30% over the past year, according to TradingView.

Investor Options Amid Wind-Down

Investors in the Liquid Alpha Fund are being given the option to exit immediately — bypassing standard lock-up clauses — or to roll their capital into a newly proposed illiquid vehicle focused on early-stage blockchain plays.

McCann emphasized that while the liquid fund struggled, Asymmetric’s broader investment platform remains intact, particularly its venture capital arm. That unit will continue backing foundational crypto and Web3 infrastructure projects.

A former trader and technologist, McCann framed the fund’s challenges as part of the cyclical nature of crypto investing: “It tests one’s resolve,” he said, “but the only way forward is through.”