On-chain analytics firm Parsec is closing down after five years, as crypto trader flows and on-chain activity no longer resemble what they once did.

“Parsec is shutting down,” the company said in an X post on Thursday, while its CEO, Will Sheehan, said the “market zigged while we zagged a few too many times.”

Sheehan added that Parsec’s primary focus on decentralized finance and non-fungible tokens (NFTs) fell out of step with where the industry has now headed.

“Post FTX DeFi spot lending leverage never really came back in the same way, it changed, morphed into something we understood less,” he said, adding on-chain activity changed in a way he never understood.

NFT sales reached about $5.63 billion in 2025, a drawdown of 37%…