Crypto Payments for Grey Market Peptides Reach $32 Million

Increasing numbers of Americans are using cryptocurrency to pay for so-called grey market peptides, substances popular as weight-loss aids or for muscle building, but which are not legally sold as medicines. Now that banks and payment networks are blocking payments to certain suppliers, consumers are turning en masse to digital currencies as an alternative. Bloomberg reports.

Bitcoin is available at OKX and Bybit.

Explosive Growth in Crypto Payments

Data from blockchain analytics firm Chainalysis reveals a remarkable surge. In the first quarter of 2026, sellers of grey market peptides received approximately $32 million in crypto. That is an increase of no less than 159% compared with the previous quarter. Based on this pace, the sector is heading towards more than $100 million on an annualised basis.

According to Chainalysis projections, the total for the second quarter of 2026 is on track to reach roughly $39 million, with part of that still an estimate based on daily volume up to and including 2 June. The chart clearly shows how volume has been steadily rising since the start of 2024, but has really accelerated over the past two quarters.

Bitcoin as the Preferred Means for First-Time Buyers

A notable detail is that some Chinese suppliers only accept Bitcoin as a payment method. This forces people who have never used crypto before to open an account for the first time, for example at Coinbase. In this way, the grey market is introducing an entirely new group of users to the world of digital currencies.

The broader trend shows that crypto is increasingly playing a practical role outside the traditional investment sphere. Where banks and payment companies such as Visa and Mastercard refuse certain transactions, Bitcoin offers a way out. The Bitcoin price currently stands at $65.705, up 2.5% in the past 24 hours. Earlier, analysts had already pointed to a crucial moment in the price development of the coin. The growing use as a means of payment on the grey market adds a new dimension to the discussion about the real-world adoption of crypto in daily life.