On-chain analytics firm Parsec is shutting down after five years of operation. The company cited a divergence between its core focus on decentralized finance and NFTs, and the evolving direction of the cryptocurrency market.
CEO Will Sheehan stated that market dynamics shifted in ways the firm did not anticipate, with DeFi spot lending leverage not returning to previous levels and on-chain activity changing significantly. NFT sales saw a notable decline, with figures dropping to approximately $5.63 billion in 2025 from $8.9 billion in 2024, and average sale prices also decreased.
Parsec, which launched in early 2021 and received investment from industry players like UniSwap and Polychain Capital, is the latest firm to announce closure amid a challenging crypto environment. This follows similar news from crypto startup Entropy.
Industry leaders suggest a period of consolidation may be ahead for the crypto sector. Meanwhile, Bitcoin's price has seen a significant decline from its recent all-time high, and searches for "Bitcoin going to zero" have surged to levels not seen since the post-FTX panic.