Asymmetric’s Liquid Alpha Fund Shuts Down Amid Crypto Market Volatility Decline

Joe McCann, founder of crypto investment firm Asymmetric, is winding down the firm's Liquid Alpha Fund following significant losses and strategic misalignment. The fund, designed for high-volatility markets, faltered as the Crypto Volatility Index (CVI) dropped nearly 30% over the past year, reflecting a maturing digital asset landscape.

Unconfirmed reports suggest losses of up to 78% this year, prompting McCann to acknowledge the strategy no longer serves limited partners. Investors now face a choice: withdraw capital without lock-up penalties or pivot to Asymmetric's new illiquid vehicle focused on long-term blockchain infrastructure bets.

The firm's venture arm remains operational, continuing to back early-stage crypto projects. McCann framed the closure as an adaptation to market evolution, stating the team must 'build for what's next' despite the setback.