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It has been more than four months since the mass liquidation event in the crypto market on Oct. 10 last year but digital assets are yet to recover from the shock.
The total crypto market capitalization has declined nearly 50% since then. Bitcoin (BTC), which hit an all-time high of $126,080 on Oct. 6, is trading around 47% lower at $67,020.74.
The Crypto Fear & Greed Index is currently sitting at 8 points, reflecting "extreme fear" in the crypto market.
Meanwhile, Google searches for "Bitcoin zero" have hit a record high, reflecting a deep anxiety among investors.
Related: Google searches for 'Bitcoin zero' at record high since 2022
Several crypto platforms have shut down, fired staff, or filed for bankruptcy protection amid the contraction in the digital assets market.
In October, the blockchain company Kadena shut down its business operations.
Next, a popular decentralized application (dApp) analytics platform called DappRadar decided to wind down operations in November.
In December, Bit.com crypto exchange began a three-step shutdown of its operations.
In January, OKX crypto exchange's institutional business fired a few staff members due to global restructuring.
The same month, Polygon Labs also announced layoffs only a few days after acquiring the crypto payment firm Coinme and wallet infrastructure provider Sequence for $250 million.
MANTRA, a popular blockchain firm focused on real-world asset (RWA) tokenization, also announced layoffs the same month after suffering the collapse of its native token.
January also saw the Web3 social collecting platform Rodeo, the self-custody crypto platform Entropy, and the Nifty Gateway platform shut shop.
Earlier this month, a Bitcoin mining company called NFN8 Group Inc. filed for Chapter 11 bankruptcy after a fire at one of its primary facilities and prolonged financial strain tied to lease obligations and litigation.
Archblock, a major crypto venture, also filed for Chapter 11 bankruptcy protection this month.
Earlier this week, a crypto lending protocol called ZeroLend said it is shutting down. The week just claimed another casualty.
Parsec, an AI-driven onchain analytics platform, announced on Feb. 19 that it has shut down after five years.
Launched in 2021, Parsec raised capital from top investors like Galaxy Digital, Polychain Capital, Robot Ventures, and Uniswap Ventures.
The Parsec Agent was an LLM-driven research tool that offered valuable details about crypto market activity. Users could also build personalized crypto dashboards on the platform.
It said it is in the process of refunding and cancelling active subscriptions and asked users to join the Discord server for any queries.
Related: Popular crypto exchange denies shutdown rumors
This story was originally published by TheStreet on Feb 19, 2026, where it first appeared in the Bankruptcy News & Analysis section. Add TheStreet as a Preferred Source by clicking here.
