Decentralized finance analytics platform Parsec is shutting down after five years, marking the latest casualty in a volatile crypto market that continues to reshape the industry.

Parsec calls it quits after 5 years

In a post on X, the company said: “After 5 years, Parsec is shutting down. Not how we wanted our story to end, but we are proud of what we built and the value we provided along the way.” The team thanked users who “traversed the ups and downs onchain” with them, calling the journey “quite the ride.”

Parsec’s CEO described the closure as “the end of the road,” adding that “the market zigged while we zagged a few too many times.” The platform began in early 2020 as a side project charting Uniswap v1 activity before evolving into a full DeFi terminal during the 2020 “DeFi summer” and the bull market frenzy of 2021.

The company gained traction during the 2022 market collapse, when major protocols and firms, including Wonderland, OlympusDAO, Terra, and the 3AC/stETH unwind, imploded under extreme leverage. According to the CEO, traders and firms relied on Parsec’s dashboards to navigate cascading liquidations.

However, after the collapse of FTX, on-chain activity shifted. “DeFi spot lending leverage never really came back in the same way,” the CEO wrote, noting that crypto activity “changed hugely” in ways the team struggled to fully anticipate.

While Parsec saw brief spikes of engagement, including during the Friend.tech boom and a high-traffic Polymarket election dashboard, sustained growth proved elusive.

The shutdown reflects a broader trend. Smaller crypto venues and projects have been winding down amid thinning liquidity, shifting user behavior and persistent volatility. Recent examples include Arkham’s exchange closure and ZeroLend’s decision to cease operations after three years, underscoring the harsh operating environment for niche platforms.

Despite Parsec’s closure, its CEO said he remains committed to DeFi’s long-term vision of reinventing finance. “I’m not going anywhere,” he wrote. “Onwards.”

Despite notable advancements, PI has collapsed by almost 95% from its ATH.

The controversial cryptocurrency project Pi Network has been around since 2019, but users had to wait until February 2025 before they could finally trade the native token PI.

Over the past 12 months, the Core Team has rolled out multiple upgrades as the ecosystem has continued to develop. Yet, PI’s price has suffered a steep decline, the project is still grappling with several challenges, and some Pioneers have voiced growing criticism. The key question now is whether the upcoming advancements can trigger a decisive comeback for PI or whether the bears will remain in charge.

Happy First Birthday, PI

Exactly one year ago, Pi Network launched its Open Network. The initiative made PI publicly accessible and enabled exchanges to list it as the first to hop on the bandwagon were Bitget, OKX, and MEXC.

On the debut day, the asset’s valuation varied across platforms, ranging from $1.68 to $1.72. Interest from traders and investors was high over the following days, and PI reached a historical peak of approximately $3 by the end of February last year. Meanwhile, its market capitalization exploded above $18 billion, placing the coin among the 15 largest cryptocurrencies.

However, the peak was short-lived, and PI headed straight south in the following months. Some reasons potentially suppressing the price include ongoing token unlocks, fading interest from market participants, accusations that the project could be a scam, and Binance’s inaction.

The world’s largest crypto exchange was rumored to follow Bitget, OKX, and MEX in listing PI: a move that could lift the token’s value by increasing its liquidity, visibility, and overall legitimacy. It even held a community vote to ask its clients whether they wanted the asset available on the platform. While more than 86% of the participants selected the “yes” option, Binance has yet to honor their wish.

PI has seen sporadic price revivals over the last several months, driven by upgrades announced by Pi Network’s team, but currently trades at around $0.17, representing a staggering 94% decline from the all-time high.

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Some of the updates targeted the verification process, which has long been a source of frustration for many users. In September 2025, for instance, the team unveiled Fast Track KYC – a feature that allows Pioneers to participate in the Mainnet ecosystem “earlier than ever before.”

In October, it was revealed that more than 3.36 million additional users had successfully completed the required verification procedures following the release of a system process that conducts vital checks on Tentative KYC cases. Just a few weeks ago, the team unveiled a technical upgrade that should allow multiple Pioneers to pass the Miannet migration. Specifically, they claimed the roughly 2.5 million users who were previously unable to migrate will be unblocked.

Other standout developments over the past 12 months include the launch of Pi Network Ventures (a Pi-related fund targeting $100 millin in investments in innovative startups), the project’s entry into the AI space through Pi App Studio, the introduction of the first Hackathon, and a partnership with CiDi Games to accelerate Web3 gaming engagement.

Most recently, the Core Team disclosed that migration to Protocol v19.6 was successfully completed. “Next up is v19.9 – the final step before v20. Node operators should make sure they’re upgraded and stay tuned for further instructions,” the X post read.

What Lies Ahead?

Many members of Pi Network’s community believe that 2026 could be successful, claiming that something “big” is on the horizon. Some have pointed out March 12 as a key date, as a major upgrade related to the Pi DEX activation is expected to go live then. If confirmed, the launch could play an important role in strengthening user trust and increasing real-world use of PI.

Meanwhile, rumors have circulated that leading exchanges, such as Kraken, may soon offer trading services for the token.

Pioneers are also closely watching March 14 – a date, known across the community as Pi Day due to its symbolic resemblance to the mathematical constant π (3.14). Pi Network expanded its ecosystem on that day in 2025, and it remains to be seen whether a similar move will occur this year.

Google searches for “Bitcoin going to zero” have surged to their highest level since the post‑FTX panic in November 2022, according to Google Trends data for the past five years. 

The spike aligns with Bitcoin’s latest drawdown from its Oct. 6, 2025, all‑time high near $126,000 to about $66,500 at the time of writing on Thursday, according to data from CoinGecko, leaving the asset almost 50% below its peak. 

At the same time, the Bitcoin Fear and Greed Index has plunged into extreme fear around 9, levels previously seen during the Terra ecosystem collapse and the FTX fallout in 2022.

Google Trends shows that worldwide interest in the phrase “Bitcoin going to zero” last hit comparable levels in early November 2022, when FTX froze withdrawals, and Bitcoin (BTC) crashed to around $15,000. 

Today’s Bitcoin fears different from 2022

Crypto intelligence platform Perception analyzed narrative intelligence across 650+ crypto media sources and shared its findings with Cointelegraph. 

Founder Fernando Nikolic said that fear in 2022 was driven by internal events, such as cascading failures of centralized lenders and one of the industry’s largest exchanges, while today’s fear is “driven by macro fears and being amplified by a single bearish voice.”

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Nikolic said that Bloomberg’s Mike McGlone has been the loudest single voice driving the “Bitcoin could go to zero (or near-zero)” narrative, and that he has been a “one-man content machine this cycle,” calling Bitcoin to $10,000 on Feb. 3, saying markets were headed for a 2008-style crash and continuously calling for Bitcoin’s decline throughout the past month.

He told Cointelegraph that McGlone is repeatedly amplified by crypto media sites and has “essentially been the go-to bearish quote for the past three weeks.” “This media saturation likely contributes directly to the Google search spike,” he said.

Retail fear lags professional media sentiment 

Nikolic said that the actual counterpoint that “nobody is synthesizing” is that, while “Bitcoin to zero” searches are spiking, institutional buyers are accumulating more BTC, pointing to the fact that sovereign wealth funds, such as Abu Dhabi, are increasing their Bitcoin exchange-traded fund holdings, and large corporations like Strategy continue to stack BTC.

According to Perception data, he said, media sentiment bottomed on Feb. 5, but has been recovering for two weeks, while Google “Bitcoin going to zero” searches are peaking now in mid-February.

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Retail fear lags professional media sentiment by about 10-14 days, he said. “By the time the public is most scared, the professional narrative has already started to stabilize. The retail narrative and institutional behavior are moving in opposite directions.”

Macro fears and quantum angst

The surge in “Bitcoin going to zero” searches is also unfolding against a backdrop of record‑high macro anxiety. 

The World Uncertainty Index, which counts references to “uncertainty” in Economist Intelligence Unit country reports, is sitting at its highest level in the Federal Reserve Bank of St. Louis (FRED) time series, exceeding the peaks seen around the 2008 global financial crisis and the 2020 COVID‑19 shock.

Research underpinning the index finds that spikes in global uncertainty tend to precede weaker output and slower growth as companies delay investment and hiring. 

Quantum fears have also been a persistent background narrative since October 2025, according to Nikolic, but he said that quantum fear spikes alongside price drops, not independently. 

“Bitcoin quantum” searches peaked in November 2025 and have been falling steadily since, according to Google Trends.

“It’s an amplifier of existing bearish sentiment, not a standalone driver. The “Bitcoin going to zero” search trend is likely a composite of price-crash fear + quantum existential fear + McGlone-style macro doom, all converging in the same window.”

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