Chainalysis says gray-market peptide sales hit $32 million in Q1 2026

Gray-market peptide sales reached $32 million in the first quarter of 2026, up 159% from $12 million in the prior quarter, according to a Thursday report from Chainalysis. The blockchain analytics firm said demand for off-label peptides has now moved past a $100 million annual run rate as online trends including “looksmaxing” and the “Make America Healthy Again” movement help push the once-niche market further into the mainstream. Chainalysis said the sector has increasingly adopted cryptocurrency as a payment rail, with larger vendors relying heavily on bitcoin and stablecoins to manage supply-chain transactions. The report said suppliers averaging $1,000 or more per deposit skew toward stablecoins, which may help reduce exposure to crypto price swings. It added that many top vendors, including Chinese chemical manufacturers that are often cut off from traditional banking, are showing a more professionalized approach to on-chain finance. The report also highlighted safety concerns. While more buyers are using crypto to purchase peptides, spending on chemical purity testing appears to be falling on a per-buyer basis. Chainalysis said wallets purchasing peptides from China had often also transacted with Janoshik, an independent chemical purity testing company in Czechia, but estimated testing spend fell 88% to just $8 per buyer even as Janoshik is testing more than ever before because of the surge in buyers. Chainalysis further said some organizations accused of selling fentanyl and other drugs appear to be moving into peptides. It cited Shanghai Sigma Audley, which it described as having suspected connections to transnational drug cartels, as previously taking in at least $1 million in bitcoin and $3.59 million in stablecoins from fentanyl precursor sales before shifting to peptides. The firm said the market often targets buyers who are inexperienced with both unregulated pharmaceuticals and cryptocurrency.