Joe McCann Shuts Down Asymmetric Liquid Fund—Here’s Why He’s Ditching Liquid Trading in 2025

Another crypto fund bites the dust—but this one's going out on its own terms.

Joe McCann's Asymmetric Liquid Fund is closing shop after the founder decided to pivot away from liquid trading strategies. No messy blowups, no forced redemptions—just a quiet exit as the market keeps churning.

Why liquid trading lost its luster

McCann didn't spell out his reasons, but insiders whisper about shrinking spreads and the soul-crushing grind of competing against algorithmic traders who never sleep. (Funny how 'liquid' starts feeling pretty illiquid when everyone's chasing the same alpha.)

The new game in town

While the fund winds down, McCann's already teasing his next move—something involving 'asymmetric opportunities' (read: illiquid bets where you can't get front-run by Citadel's crypto desk). Smart pivot or desperate grasp for relevance? The crypto casino always has another table open.

One less player in the liquidity game—but don't worry, your favorite degenerate traders will keep the order books warm.

Investor exit

Investors in the liquid fund have been offered the option to exit without regard to standard lock-up terms or to roll their capital into a new, illiquid investment structure. “Our job is to adapt with discipline and build for what’s next,” McCann wrote.

The firm, he said, consists of multiple investment vehicles, and while the Liquid Alpha Fund struggled, other parts of the business — especially its venture strategy — remain intact. That venture arm will continue to back early-stage blockchain projects.

McCann, a former technologist and trader who moved into crypto investing, described the fund’s poor performance as a test of "one's resolve” but emphasized that “the only way forward is through.”