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 stated in an X put up on Thursday, whereas its CEO, Will Sheehan, said the “market zigged whereas we zagged just a few too many instances.”
Sheehan added that Parsec’s main 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 stated, including on-chain exercise modified in a means he by no means understood.
NFT gross sales reached about $5.63 billion in 2025, a drawdown of 37% from the $8.9 billion recorded in 2024. Common sale costs additionally declined 12 months over 12 months, falling to $96 from $124, in line with CryptoSlam knowledge.
“Fairly the journey,” Parsec says
Parsec, which had acquired funding from main trade gamers reminiscent of 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, simply 4 months later.
The corporate added in its X put up that they’re “everlasting grateful to those that traversed the ups and downs on-chain.”
“It was fairly the journey,” Parsec stated.
Alex Svanevik, the CEO of on-chain analytics platform Nansen, stated that Parsec “had a fantastic 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 wrestle to seek out product-market match.
Bullish CEO Tom Farley predicted throughout an interview with CNBC on Feb. 8 that the trade 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 total.
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In the meantime, Bitcoin’s value has declined 46% from its October all-time excessive of $126,100 to now commerce at $67,246, accordingly to CoinMarketCap.
In the meantime, Google searches for “Bitcoin going to zero” have surged to their highest degree for the reason that put up‑FTX panic in November 2022, in line with Google Traits knowledge for the previous 5 years.
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