Despite US and Israeli military strikes on Iran, blockchain data analysis showed the country’s crypto exchanges briefly saw a spike in outflows, but Nobitex, Iran's largest crypto platform, has shown no sustained wave of withdrawals. Independent research from TRM Labs and Chainalysis suggests the activity is far more likely due to routine liquidity management than mass panic withdrawals.
Nobitex has handled hundreds of billions of dollars in cumulative volume since 2019, with over $5 billion processed just so far in 2025, cementing its role as a core hub of Iran’s crypto ecosystem. The exchange also tapped bitcoin mining reserves to cover losses from a hacking incident, demonstrating its resilience to shocks.
Chainalysis notes that the upward trend in overall crypto outflows from Iran could reflect ordinary citizens moving toward self-custody wallets to hedge economic uncertainty, or exchanges performing liquidity reshuffles or new wallet setups to mitigate sanctions. It also leaves open the possibility that government-linked entities are reallocating cross-border capital via local exchanges, but there is currently no evidence these moves amount to systematic capital flight.