Cryptocurrency outflows from Iranian exchanges surged in the hours following U.S. and Israeli strikes on Iran, according to blockchain analytics firms.
However, researchers say the exact reason for the movements remains uncertain.
Data from U.S. blockchain research company Chainalysis showed that funds leaving Iranian crypto exchanges jumped sharply to more than $2 million within an hour after the strikes began on Saturday. Reuters first reported the strikes at around 06:15 GMT.
British blockchain analytics firm Elliptic also recorded a major spike. The company said outflows from Iran’s largest crypto exchange, Nobitex, reached a peak of about $2.89 million between 11:00 and 12:00 GMT on Saturday. That figure represented roughly eight times the highest hourly outflows recorded the previous day.
Between Saturday and Monday, about $10.3 million worth of cryptocurrency left Iranian exchanges, according to Chainalysis. Nobitex did not respond to requests for comment.
Researchers say the data highlights the growing role of cryptocurrency in Iran’s financial system. Activity in the country often rises following geopolitical shocks as individuals and organizations turn to digital assets during periods of uncertainty.
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Although estimates vary, blockchain analysts believe crypto transaction volumes in Iran reached between $8 billion and $11 billion in 2025. Both retail investors and state-linked actors have increasingly used digital currencies.
