A blockchain analysis from TRM Labs, published Oct. 6, found that cryptocurrency payments to vendors listing both peptides and fentanyl precursors rose from $28.2 million in 2023 to $37.3 million in 2025, a 32% increase. The United States was the source of about 57% of identifiable payments to those vendors, TRM said.

The peptides in question are the ones everybody is searching for: semaglutide (sold as Ozempic and Wegovy), tirzepatide and retatrutide, usually listed as "research use only." Fentanyl precursors are the chemical building blocks used to manufacture the opioid, and the finding is that the same Chinese chemical companies are selling both from the same storefronts.

Who the vendors are

TRM identified more than 150 Chinese chemical makers accepting cryptocurrency as of the third quarter of 2026, though not all are active. About 75% list both fentanyl precursors and peptides, a figure TRM calls a lower-bound estimate.

One seller named in the report, Anhui Rencheng Technology, listed semaglutide and the tanning peptide Melanotan II as of September. The U.S. Justice Department charged that company in a fentanyl precursor case in June 2023.

What the data cannot show

This is the part that will get flattened in every retelling, so it is worth stating plainly: TRM cannot tell how much money was paid for peptides versus fentanyl ingredients. The report does not show that individual buyers funded trafficking, only that the same sellers collect both kinds of payments.

The Wall Street Journal reported on the same vendor overlap that day, according to a KFF Health News morning briefing. In July, Axios reported Chainalysis data showing crypto payments to gray-market peptide vendors reached $27 million in the first quarter of 2026 alone.

Why people shop this way

Brand-name GLP-1 drugs have often cost more than $1,000 a month, which is the entire explanation. A vial labeled "research use only" offers no assurance of what is inside, how much drug it holds, or whether it is sterile.

The FDA treats those products as unapproved drugs and says patients should obtain a prescription and fill it at a state-licensed pharmacy. Retatrutide is not approved for any use.

Bottom line

The price gap that built the gray market is narrowing: the federal TrumpRx site lists self-pay prices of $199 a month for the Wegovy pen and Ozempic and $299 for Zepbound, with conditions on doses and periods. What the TRM report settles is who is collecting the money, not what any individual buyer paid for.