Crypto hedge fund Asymmetric Financial is pivoting away from liquid trading strategies following significant underperformance in its Liquid Alpha Fund, which faced public criticism after investor BigbrainSOL revealed a $10 million loss (78.37% decline) in H1 2025. CEO Joe McCann acknowledged the fund's struggles, stating it "is no longer serving our LPs," and confirmed Asymmetric will reallocate capital toward illiquid blockchain infrastructure investments.
McCann refuted the precise 78% loss figure, attributing performance to a farm strategy tied to Hyperliquid's upcoming second airdrop (HYPE), which he expects to yield "extraordinary returns." Investors may exit despite lock-up periods or roll capital into new opportunities. The decision follows Hyperliquid's successful November 2024 airdrop, where HYPE surged 63% within 12 hours after distributing 31% of its supply (initially valued at $1.2 billion).
This shift occurs amid broader airdrop risks, including 2024-2025 scams like Hamster Kombat and Wall Street Pepe that contributed to $9.9 billion in global crypto losses. Asymmetric's move reflects industry adaptation to reduced market volatility and bot exploitation, with some projects now implementing AI-monitored, activity-based airdrops.