Joe McCann Closes Asymmetric Liquid Fund After 'Shifting Away From Liquid Trading'

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Joe McCann is winding down Asymmetric’s Liquid Alpha Fund after the fund was accused of shedding huge worth this yr and drew sharp criticism on-line.

In a social media publish, the crypto investor mentioned that the technique behind the Liquid Alpha Fund “clearly is no longer serving our LPs.” He mentioned the fund had been constructed for unstable markets and had as soon as delivered outcomes, however added that Asymmetric would now be “shifting away from liquid trading strategies” and towards longer-term investments in blockchain infrastructure.

The resolution comes after unconfirmed social media chatter that the liquid fund was down 78% this yr.

The transfer isn't a complete shock, as volatility within the crypto market has decreased considerably within the final twelve months, probably signaling a extra mature digital property market. Crypto Volatility Index (CVI) is down nearly 30%, in accordance with TradingView knowledge.

Investor exit

Investors within the liquid fund have been provided the choice to exit with out regard to straightforward lock-up phrases or to roll their capital into a brand new, illiquid funding construction. “Our job is to adapt with discipline and build for what’s next,” McCann wrote.

The agency, he mentioned, consists of a number of funding autos, and whereas the Liquid Alpha Fund struggled, different components of the enterprise — particularly its enterprise technique — stay intact. That enterprise arm will proceed to again early-stage blockchain tasks.

McCann, a former technologist and dealer who moved into crypto investing, described the fund’s poor efficiency as a take a look at of “one's resolve” however emphasised that “the only way forward is through.”

Correction (July 23, 20:43 UTC): An earlier model of this story included a hyperlink to a publish on X, allegedly written by McCann. However, a spokesperson mentioned that the publish was faux.

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