Crypto usage in Iran has spiked amid the country’s mass protests, with a surge of Iranians withdrawing Bitcoin to preserve value amid instability, according to Chainalysis.
Protests in Iran began in late December over worsening economic conditions, after the Iranian rial hit record lows against the US dollar. Demonstrations escalated nationwide, with Iran’s regime responding by cutting internet access, with international human rights groups alleging the use of lethal force against protesters.
Chainalysis said in a report on Thursday that Iran’s crypto ecosystem hit $7.78 billion in 2025, which accelerated amid the ongoing unrest with a substantial increase in the number of daily crypto transfers and the amounts transacted.
“Most telling is the surge in withdrawals from Iranian exchanges to unattributed personal Bitcoin wallets. This surge suggests Iranians are taking possession of Bitcoin at a markedly higher rate during protests than they were beforehand,” it said.
There has been a substantial increase in the number of daily crypto transfers and the amount transacted during unrest in Iran. Source: ChainalysisChainalysis noted that Iran’s government has also turned to crypto, with the Islamic Revolutionary Guard Corps’ (IRGC) crypto activity accounting for half of the total crypto ecosystem in the fourth quarter of 2025, with IRGC-associated addresses receiving more than $3 billion in total last year.
Crypto part of the resistance
Chainalysis said Bitcoin’s (BTC) role during the unrest in Iran isn’t just confined to capital preservation; it’s also become “an element of resistance, providing liquidity and optionality in an increasingly restricted economic environment.”
Chainalysis said it has found other regions experiencing “war, economic turmoil, or government crackdowns” have also seen increased Bitcoin withdrawals during times of instability.
Crypto likely to remain crucial tool
TRM Labs tracked roughly $3.7 billion in total crypto flows in Iran between January and July 2025. At the same time, around seven million people, out of the country’s 92 million population, are estimated to be crypto users, according to Statista.
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“As sanctions pressure and international opprobrium intensify, and Iran’s economic volatility persists, cryptocurrency will likely remain a crucial tool for Iranians seeking financial sovereignty,” the Chainalysis team said.
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