Chainalysis finds gray market peptide vendor crypto inflows surged 159% to $32 million in Q1 2026, with stablecoins overtaking Bitcoin for larger

The gray market peptide trade is now a $100M+ on-chain economy. Chainalysis traced the cartel chemists pivoting to looksmaxxing buyers.

Some of the China-based sellers have pivoted from fentanyl to peptides.