Shadow Peptide Economy Tops $100 Million Run Rate on Crypto Rails

The on-chain market for gray-market peptides has crossed a $100 million annual run rate, after crypto inflows jumped 159% quarter-over-quarter in early 2026, according to blockchain analytics firm Chainalysis. Inflows climbed from $12 million to $32 million in the first quarter alone. That capped six straight quarters of growth for a trade that once moved