TL;DR

• Darknet market activity remains resilient, with aggregate DNM flows reaching nearly $2.6 billion in 2025, underscoring the persistence of crypto-enabled drug markets despite repeated enforcement actions.
• On-chain fentanyl-related flows declined sharply, aligning with a decline in fentanyl interdictions and a meaningful drop in opioid overdose deaths — highlighting blockchain data as a means of measuring strategic and operational impact as well as a potential early warning signal for public health authorities.
• Stimulant-related analysis using Canadian public health data shows transaction size matters: larger crypto purchases correlate with worse health outcomes, while smaller transactions show no meaningful association.