Chainalysis: Gray-Market Peptide Crypto Trade Hits $100M Run Rate

On June 5, Chainalysis updated its June 4 report showing Q1 crypto inflows to gray-market peptide vendors surged 159% quarter-over-quarter to $32 million. The sector now exceeds a $100 million annual run rate, with Q2 inflows pacing toward $39 million. Vendors are shifting to stablecoins for larger deposits to reduce volatility, while buyer spending on independent testing has collapsed 88% to roughly $8 per user. One tracked supplier, Shanghai ERP Peptide Biotechnology, received about $3.6 million in crypto between late January and early June 2026. The trend raises AML scrutiny and public-health concerns for regulators and exchanges.