A fast-growing gray market for peptides has become one of cryptocurrency's newest high-volume markets, according to a report released Thursday by Chainalysis, processing more than $100 million annually primarily through Bitcoin and stablecoin payments. The blockchain data firm found that crypto flows to peptide vendors jumped from roughly $12 million in the fourth quarter of 2025 to $32 million in the first quarter of 2026, a 159% increase. The market is on pace to process about $39 million in the second quarter, the firm said.