Millions of dollars in cryptocurrency left Iranian exchanges in the hours after U.S. and Israeli strikes on Iran, according to blockchain analytics firms. Chainalysis reported outflows exceeding $2 million in the hour following the strikes on Saturday. Elliptic data showed outflows from Nobitex, Iran's largest exchange, peaked at nearly $2.9 million between 1100 and 1200 GMT, an eightfold increase over the previous day's peak hourly outflows. Overall, $10.3 million in crypto left Iranian exchanges from Saturday to Monday.
Researchers note a pattern of increased crypto activity in Iran following geopolitical shocks. Estimates suggest crypto transaction volumes reached $8-11 billion in 2025. While the exact reasons for the recent outflows are unclear, Chainalysis suggests a combination of ordinary Iranians responding to rising risk, exchanges managing liquidity, and potentially state-aligned actors moving funds. Elliptic's tracing indicates funds were sent to overseas exchanges, potentially representing capital flight. However, TRM suggested the activity was more indicative of stress than systemic flight.
Cryptocurrencies play a growing role in emerging markets with unstable currencies.