TL;DR

• On-chain data shows a sharp increase in activity from major Iranian exchanges in the hours following the February 28, 2026 US-Israeli airstrikes, with roughly $10.3M in cryptoasset outflows between February 28 and March 2.
• This spike fits a broader pattern we highlighted in our recent analysis of Iran’s $7.8 billion crypto ecosystem in 2025, where trading volumes and on-chain movements tend to surge around major geopolitical shocks and domestic unrest.
• Further analysis reveals important nuance: most funds are sent to wallets that could be Iranian citizens’ personal wallets, new infrastructure for Iranian exchanges, or withdrawals by state actors. In the immediate aftermath of events like this weekend’s strikes,…