Bitcoin · China · U.S. · Decrypt
'Looksmaxxing' Trend Spawns $100 million Gray Market Fueled By Bitcoin, Stablecoins: Chainalysis
Compiled by KHAO Editorial — aggregated from 2 sources. See llms.txt for citation guidance.
✓ KHAO Verified
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.
Key facts
- 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
- Unlike earlier online black markets like the Silk Road, Chainalysis said gray markets gained popularity during the rise of the Make America Healthy Again movement and growing interest in alternative
- 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
- Separately, the firm identified several Chinese chemical manufacturers that it says moved into peptide sales after previously supplying fentanyl and amphetamine precursors, including Shanghai Sigma
Summary
The crypto-powered gray-market peptide market has surpassed a $100 million annual run rate, according to Chainalysis. Demand surged alongside the rise of the social media "looksmaing" trend and growing interest in weight-loss peptides. Researchers linked some peptide suppliers to Chinese chemical manufacturers previously involved in drug precursor sales. 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.