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 put up on Thursday, whereas its CEO, Will Sheehan, said the “market zigged whereas we zagged a number of too many instances.”
Sheehan added that Parsec’s major deal with decentralized finance and non-fungible tokens (NFTs) fell out of step with the place the trade has now headed.
“Put up FTX DeFi spot lending leverage by no means actually got here again in the identical means, it modified, morphed into one thing we understood much less,” he mentioned, including that on-chain exercise modified in a means 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 yr over yr, falling to $96 from $124, in keeping with CryptoSlam data.
“Fairly the journey,” Parsec says
Parsec, which had obtained funding from main trade gamers equivalent 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 put up that it’s “eternally grateful to those who traversed the ups and downs on-chain.”
“It was fairly the journey,” Parsec mentioned.
Alex Svanevik, the CEO of on-chain analytics platform Nansen, mentioned that Parsec “had an excellent run.”
Crypto trade 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 find product-market fit.
Bullish CEO Tom Farley predicted throughout an interview with CNBC on Feb. 8 that the trade will see a big consolidation within the coming months with extra tasks snapped up by bigger firms, which can result in a a lot much less fragmented sector general.
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Bitcoin’s value has declined 46% from its October all-time excessive of $126,100 to $67,246, according to CoinMarketCap.
Google searches for “Bitcoin going to zero” have surged to their highest level for the reason that put up‑FTX panic in November 2022, in keeping with Google Developments knowledge for the previous 5 years.
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