US Central Command launched airstrikes against Iranian military assets near the Strait of Hormuz on May 7, targeting missile launch sites and vessels deemed direct threats to US Navy destroyers.
The operation, described as self-defense, hit sites near Bandar Abbas and Qeshm. This marks the second major US military action against Iran in the region in two months.
The Strait of Hormuz is a critical chokepoint for global oil shipments, handling roughly 20% of the world's supply.
Despite the escalation, Bitcoin has remained range-bound between $63,000 and $73,000, showing little immediate volatility.
However, blockchain analytics firm Elliptic reports that outflows from Nobitex, Iran's largest crypto exchange, surged 700% during earlier strikes in March 2026-a potential leading indicator for geopolitical escalation.
Reports also indicate Iran is discussing accepting Bitcoin as payment for transit tolls through the Strait, with fees estimated around $2 million per vessel. This signals a growing trend of sanctioned economies turning to crypto as alternative financial infrastructure.