On-chain analytics agency Parsec is closing down after 5 years, as crypto dealer flows and on-chain exercise not resemble what they as soon as did.
“Parsec is shutting down,” the corporate mentioned in an X submit on Thursday, whereas its CEO, Will Sheehan, mentioned the “market zigged whereas we zagged just a few too many instances.”
Sheehan added that Parsec’s main give attention to 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 mentioned, 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 accordance with CryptoSlam information.
“Fairly the trip,” Parsec says
Parsec, which had obtained 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 submit that it’s “eternally grateful to people who traversed the ups and downs on-chain.”
“It was fairly the trip,” Parsec mentioned.
Alex Svanevik, the CEO of on-chain analytics platform Nansen, mentioned that Parsec “had an excellent 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 buyers, citing scaling points and a battle to discover product-market match.
Bullish CEO Tom Farley predicted throughout an interview with CNBC on Feb. 8 that the business will see a major consolidation within the coming months with extra initiatives snapped up by bigger corporations, which can result in a a lot much less fragmented sector general.
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Bitcoin’s worth 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 degree because the submit‑FTX panic in November 2022, in accordance with Google Traits information for the previous 5 years.
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