On-chain analytics agency Parsec is closing down after 5 years, as crypto dealer flows and on-chain exercise now not resemble what they as soon as did.
“Parsec is shutting down,” the corporate stated in an X publish on Thursday, whereas its CEO, Will Sheehan, stated the “market zigged whereas we zagged a number of too many occasions.”
Sheehan added that Parsec’s major deal with decentralized finance and non-fungible tokens (NFTs) fell out of step with the place the business has now headed.
“Submit FTX DeFi spot lending leverage by no means actually got here again in the identical manner, it modified, morphed into one thing we understood much less,” he stated, including that on-chain exercise modified in a manner he by no means understood.
NFT gross sales reached about $5.63 billion in 2025, a 37% drawdown from the $8.9 billion recorded in 2024. Common sale costs additionally declined 12 months over 12 months, falling to $96 from $124, in keeping with CryptoSlam information.
“Fairly the experience,” Parsec says
Parsec, which had acquired funding from main business gamers akin to Uniswap, Polychain Capital, and Galaxy Digital, launched in early January 2021, simply months earlier than Bitcoin (BTC) surged from round $36,000 to $60,000 by April.
The corporate added in its X publish that it’s “eternally grateful to people who traversed the ups and downs on-chain.”
“It was fairly the experience,” Parsec stated.
Alex Svanevik, the CEO of on-chain analytics platform Nansen, stated that Parsec “had a fantastic run.”
Crypto business could also be heading for consolidation
It comes simply weeks after crypto start-up Entropy introduced it’s closing down and returning funds to traders, citing scaling points and a battle to search out product-market match.
Bullish CEO Tom Farley predicted throughout an interview with CNBC on Feb. 8 that the business will see a big consolidation within the coming months with extra initiatives snapped up by bigger firms, which can result in a a lot much less fragmented sector total.
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Bitcoin’s value has declined 46% from its October all-time excessive of $126,100 to $67,246, in accordance to CoinMarketCap.
Google searches for “Bitcoin going to zero” have surged to their highest stage for the reason that publish‑FTX panic in November 2022, in keeping with Google Tendencies information for the previous 5 years.
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