Mass Protests Fuel Iran’s Crypto Boom, Shattering $7.8 Billion Mark

Iran’s on-chain crypto activity surged to about $7.80 billion in 2025, driven in large part by mass protests that began in late December 2025.

According to Chainalysis, the rise reflects both ordinary people moving assets out of banks and state-linked actors shifting funds on blockchain networks.

The shift was sharp and sudden; many withdrawals moved from local exchanges into personal wallets as people looked for ways to safeguard savings.

Iran Protests Push People Toward Bitcoin

Based on reports, Bitcoin withdrawals from Iranian exchanges rose noticeably during the unrest. Some transfers happened in short, intense bursts when internet access was still available.

Many Iranians chose self custody — sending crypto to private wallets rather than keeping it on exchanges — as the rial lost value and access to traditional finance tightened.

Inflation in the country was reported at about 40–50% in recent months, which helped push more households to seek alternatives for storing value.

State Actors And Civilian Use Diverge

Chainalysis data shows complexity in the flows. Addresses linked to the Islamic Revolutionary Guard Corps were tied to roughly half of the total crypto volume received in Iran during Q4 2025.

That does not mean ordinary use did not rise — it did. But the numbers point to crypto serving different roles at once: it can be a shelter for households when local currency collapses, and it can be a channel for state-linked actors to move funds. Analysts warn that these two uses can mask one another in on-chain tallies.

Daily crypto transfers and total transaction volumes have jumped sharply during periods of unrest in Iran. Source: Chainalysis Economic Fear Meets Practical Steps

People acted quickly. When banks and payment systems were uncertain or blocked, crypto offered a way to move value across borders without the usual banking rails.

Some transfers were small. Others were larger, tied to families or businesses trying to protect capital. According to the sources, these spikes in activity coincided with other significant occurrences involving geopolitical crises and specific cyber attacks that contributed to the erosion of faith in the local infrastructure.

Internet Blackouts Drive Self Custody

The Iranian government has imposed internet blackouts in response to the escalating protests. By controlling the online access, Iranians resorted to the windows of opportunity to transfer money. The transfer of money to private accounts became a common practice during the online windows.

That pattern — brief but intense bursts of withdrawals — shows how people adapt quickly to changing conditions. It also explains why on-chain volume readings jumped so high in 2025.

What The Numbers Suggest

The $7.78 billion number measures on-chain crypto volume tied to Iranian activity over the year, not the market value of holdings inside the country. Based on reports, that figure captures a mix of ordinary transfers, commercial activity, and movements linked to sanctioned entities.

Featured image from Stringer/Via Reuters, chart from TradingView