In January, we published an analysis of Iran’s growing $7.8 billion crypto ecosystem, showing how on-chain activity consistently spikes around major domestic and regional shocks — from the Kerman bombings in early 2024 to direct clashes with Israel in 2024–2025. Those episodes coincided with a collapsing rial, high inflation, and mounting sanctions pressure, creating powerful incentives for both the state and ordinary Iranians to turn to crypto as an alternative channel for value transfer and storage. We also documented how Bitcoin withdrawals from Iranian exchanges to personal wallets surged during the most recent protest wave, as citizens sought a self-custodial hedge against economic instability and potential crackdowns…