TLDR
- According to Elliptic, withdrawals from Nobitex surged by approximately 700% just minutes after the initial strikes.
- Nobitex reports having over 11 million users and handling around $7.2 billion in cryptocurrency transactions during 2025.
- Users exchanged Iranian rials for cryptocurrency and transferred it to external wallets, including those under their own control.
- Elliptic tracked some of the withdrawn funds to international exchanges that have a history of receiving funds from Iran.
As hostilities intensify, Iranians are reportedly purchasing Bitcoin and transferring it away from exchanges. A significant number of users seem to be moving their assets into self-custody wallets and other external addresses.
A sharp increase in withdrawals from Iran’s primary crypto exchange, Nobitex, was reported by the blockchain analysis company Elliptic. This activity points to swift attempts to minimize risks associated with local regulations and the exchange platform itself.
Bitcoin buying grows as users seek self-custody during the war
Cryptocurrency activity in Iran typically increases during times of tension and instability. News of military strikes and expanding conflict has occurred alongside a surge in acquisitions of Bitcoin and other digital assets.
Many users are also transferring their holdings into wallets that they manage personally. While self-custody lessens dependence on exchanges, it also places the responsibility for security on the individual user.
Market analysts note that this trend aligns with behavior observed during previous periods of turmoil. Past protests and internet restrictions were also followed by changes in cryptocurrency trading and withdrawal patterns.
The current emphasis seems to be on quickly moving assets off third-party platforms. This allows users to transfer value without relying on the conventional banking infrastructure.
Elliptic reports a 700% outflow spike from Nobitex after strikes
Elliptic stated that outflows of cryptocurrency from Nobitex increased dramatically within minutes of news breaking about the attacks. The company reported that withdrawal volumes “surged by 700%” shortly after the first strikes occurred.
Elliptic also mentioned that the rapid timing indicates users responded swiftly to developments. The firm characterized the behavior as a potential form of capital flight that bypasses traditional banking systems.
Nobitex is a key player in Iran’s retail cryptocurrency sector. The exchange allows users to purchase digital assets using Iranian rials and to withdraw them to wallets outside the platform.
Nobitex has claimed a user base exceeding 11 million. The platform also reported processing crypto transactions worth $7.2 billion in the year 2025.
Where funds appear to be going and how routes can shift
Elliptic said its preliminary analysis showed funds moving to international platforms. It observed that some of these receiving exchanges have “in the past been significant recipients of funds originating from Iran.”
These transfer paths can alter rapidly as users respond to regulatory controls and access restrictions. Users might divide transactions among multiple addresses or employ intermediaries.
Elliptic also recalled previous spikes in outflows during internal unrest. It noted one increase happened after demonstrations in January and a subsequent internet shutdown.
The company connected two other surges to the imposition of new U.S. sanctions targeting Iranian entities. Sanctions can impact the availability of payment methods and exchange services.
Conflict reports add pressure to markets and local access
Other news accounts detailed U.S. and Israeli strikes on targets within Iran and retaliatory actions by Iran. These reports also outlined disruptions to regional air travel and attacks occurring outside Iran’s borders.
Concerns were also heightened regarding shipping and energy pathways near the Strait of Hormuz. Market instability frequently rises when traders evaluate risks to supply chains.
Within Iran, the risks associated with using exchanges can increase during conflicts and service outages. Users may worry about imposed limits, abrupt platform closures, or difficulties accessing their accounts during internet disruptions.
In such an environment, Bitcoin and self-custody can offer a more feasible option for rapid transfers. Users can move assets internationally, though price volatility and transaction fees can be unpredictable.
