On-chain analytics firm Parsec has called it quits after an epic five-year journey through the wild world of crypto.
Parsec made the tough call to shut down, as trader flows and on-chain patterns just don’t look like they used to anymore.
“Parsec is shutting down,” the team dropped in their X post on Thursday, where CEO Will Sheehan said the market zigged while we zagged one too many times.
Sheehan explained how this on-chain analytics firm had built its edge around decentralized finance and NFTs, but the industry took a sharp turn elsewhere.
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“Post-FTX, DeFi spot lending leverage never bounced back the same way as it morphed into stuff we just didn’t grasp as well,” he said.
On-chain activity shifted in directions that left even the pros scratching their heads. Numbers tell part of the story too. NFT sales hit roughly $5.63 billion in 2025, a 37% drop from $8.9 billion the year before.
On-chain analytics firm Parsec launched back in early 2021, right as Bitcoin blasted from around $36,000 to $60,000 by spring. Backed by Uniswap, Polychain Capital, and Galaxy Digital, they rode the waves with style.
In their farewell post, the team shared heartfelt thanks: “Eternally grateful to everyone who stuck with us through the ups and downs on-chain.” And yeah, “It was quite the ride.”
Even Alex Svanevik, CEO of fellow on-chain analytics platform Nansen, gave props: Parsec “had a great run.”
This closure hits amid bigger shifts rocking crypto. Just weeks ago, start-up Entropy folded and returned cash to investors, blaming scaling headaches and elusive product-market fit.
Bullish CEO Tom Farley told CNBC on Feb. 8 that consolidation is coming hard as more projects are getting scooped up by bigger players, potentially leaving the space way less scattered.
Bitcoin’s taken a beating too, down 46% from its October peak of $126,100 to around $67,246 as per CoinMarketCap figures.
Google searches for “Bitcoin going to zero” spiked to levels not seen since the FTX meltdown panic back in late 2022, according to Google Trends over the past five years.
