Parsec Shuts Down Enterprise Amid Crypto Market Volatility

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, stated the “market zigged whereas we zagged a couple of too many occasions.”

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.

“Submit FTX DeFi spot lending leverage by no means actually got here again in the identical method, it modified, morphed into one thing we understood much less,” he stated, including that on-chain exercise modified in a method 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 line with CryptoSlam information.

“Fairly the experience,” Parsec says

Parsec, which had obtained funding from main trade gamers corresponding 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 people who traversed the ups and downs on-chain.” 

“It was fairly the experience,” Parsec stated.

Alex Svanevik, the CEO of on-chain analytics platform Nansen, stated that Parsec “had an ideal 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 search out product-market match.