TLDR
- Elliptic said outbound transactions from Nobitex spiked about 700% minutes after the first strikes.
- Nobitex says it has 11M+ users and processed about $7.2B in crypto transactions in 2025.
- Users converted Iranian rials to crypto and withdrew to external wallets, including self-custody.
- Elliptic traced some outflows to overseas exchanges that previously received inflows from Iran.
Iranians are reported to be buying Bitcoin and moving it off exchanges as fighting escalates. Many users appear to be shifting funds into self-custody wallets and other external addresses.
Blockchain analytics firm Elliptic reported a sudden jump in withdrawals from Nobitex, Iran’s largest crypto exchange. The moves suggest fast efforts to reduce exposure to local controls and platform risks.
Bitcoin buying grows as users seek self-custody during the war
Crypto activity inside Iran often rises during periods of stress and uncertainty. Reports of strikes and wider conflict have coincided with a rush into Bitcoin and other cryptoassets.
Many users are also moving coins into wallets they control directly. Self-custody can reduce reliance on exchanges, but it also shifts security duties to each user.
This wave fits a pattern seen during earlier unrest, according to market observers. Past demonstrations and connectivity limits were followed by shifts in crypto trading and withdrawals.
In this period, the focus appears to be rapid exits from custodial platforms. Users can move value without using the traditional banking system.
Elliptic reports a 700% outflow spike from Nobitex after strikes
Elliptic said cryptoasset outflows from Nobitex rose sharply within minutes of reported attacks. The firm wrote that outgoing volumes “spiked by 700%” soon after the first strikes.
Elliptic added that the timing suggests users reacted quickly to events. The firm described the activity as possible capital flight that avoids bank rails.
Nobitex plays a central role in Iran’s retail crypto market. The platform enables users to buy crypto with Iranian rials and withdraw to external addresses.
Nobitex has said it has more than 11 million users. It also said it processed $7.2 billion in crypto transactions in 2025.
Where funds appear to be going and how routes can shift
Elliptic said initial tracing indicated flows to overseas venues. It noted that some destinations have “historically received significant inflows from Iran.”
Such routing can change quickly as users react to controls and access limits. Users may split transfers across addresses, and they may use intermediaries.
Elliptic also referenced earlier outflow spikes during domestic unrest. One rise followed demonstrations in January and a later internet blackout, it said.
The firm also linked two other surges to new U.S. sanctions on Iranian actors. Sanctions can affect access to payment channels and exchange services.
Conflict reports add pressure to markets and local access
Separate reports described U.S. and Israeli strikes on Iranian targets and Iranian retaliation. These reports also described regional airspace disruptions and attacks beyond Iran.
They also raised concerns about shipping and energy routes near the Strait of Hormuz. Market volatility often increases when traders assess supply risk.
Inside Iran, exchange risk can rise during conflict and outages. Users may fear restrictions, sudden shutdowns, or trouble accessing accounts during connectivity issues.
In that setting, Bitcoin and self-custody can appear more practical for quick transfers. Users can move assets across borders, although prices and fees can swing.
