Iranian Crypto Exchanges Record $10 Million In Outflows As Geopolitical Tensions Rise
- According to Chainalysis, following the February 28, 2026, US-Israeli airstrikes, Iranian crypto exchanges saw a sharp surge in outflows.
- Between February 28 and March 2, 2026, exchanges saw roughly $10.3 million in cryptoasset outflows.
- Previously, Chainalysis suggested that cryptocurrency has become an “element of resistance” for many Iranians.
- Chainalysis recorded hourly outflows approaching or exceeding $2 million after the February 28 airstrikes.
What Happened
According to Chainalysis, following the February 28, 2026, US-Israeli airstrikes, Iranian crypto exchanges saw a sharp surge in outflows.
Between February 28 and March 2, 2026, exchanges saw roughly $10.3 million in cryptoasset outflows.
Why it matters:
Market Context
The spike reflects previous trends, in which crypto trading volumes and on-chain activity in Iran typically increase during major geopolitical events and domestic unrest.
Furthermore, the blockchain analytics firm Elliptic noted that Iran’s largest crypto exchange, Nobitex, saw a 700% increase in outgoing transaction volumes.
Another explanation is exchange-level liquidity reshuffling to obscure wallet identification and mitigate sanctions exposure.
Iran’s crypto market grew sharply in 2025 compared with the year before, reaching $7.78 billion.
Why It Matters
Previously, Chainalysis suggested that cryptocurrency has become an “element of resistance” for many Iranians.
The recent outflows originated from several of Iran’s largest exchanges. They included transfers ranging from small amounts to those exceeding $1 million, suggesting a mix of participant types.
Details
The details:
Chainalysis recorded hourly outflows approaching or exceeding $2 million after the February 28 airstrikes.
Funds flowed to overseas mainstream exchanges, domestic Iranian exchanges, and unidentified “other wallets.”
One plausible explanation is retail users moving funds off centralized exchanges into self-custodial wallets as a hedge against instability and potential restrictions.
Lastly, a third possibility is state-aligned actors leveraging domestic exchanges to evade sanctions, conduct cross-border transactions, or launder funds during heightened geopolitical tension.
The big picture:
Tensions between the United States, Israel, and Iran have continued to rise over the past few days.
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