Chainalysis: Leading peptide grey market suppliers shift to Bitcoin and stablecoins

On June 5th, The Block reported that a new Chainalysis report indicates that as the gray market for peptide compounds, used for purposes like weight loss and anti-aging, experiences an explosion, leading sellers are increasingly turning to Bitcoin and stablecoins for transactions. In the first quarter of 2026, the value of cryptocurrencies flowing into this sector surged by 159% quarter-over-quarter, reaching $32 million. Chainalysis highlights that the annualized size of the peptide market has surpassed $100 million, with cryptocurrencies becoming a primary payment method as traditional banks and credit card companies prohibit the trading of prescription-grade compounds. Leading sellers are exhibiting more advanced on-chain financial activities, predominantly utilizing Bitcoin and stablecoins. Sellers with daily deposits exceeding $1,000 show a portfolio dominated by stablecoins, likely to hedge against crypto market volatility. Chainalysis also observed that as the number of buyers increased, spending on quality testing decreased by 88%, with some entities previously accused of selling fentanyl reportedly shifting towards peptides.