Amid widespread protests and a record drop in the Iranian rial, citizens have significantly ramped up their withdrawals of Bitcoin from exchanges to personal wallets. This is evidenced by data from Chainalysis.

New analysis reveals Iran's crypto ecosystem surpassed $7.78B in 2025, with on-chain activity closely correlated with geopolitical and domestic tensions.

Our data show:
— IRGC-linked addresses now represent 50% of Iran's crypto economy
— Iranians increasingly withdraw Bitcoin…

— Chainalysis (@chainalysis) January 15, 2026

According to analysts, by the end of 2025, Iran's crypto ecosystem was valued at $7.78 billion. Experts identified a clear correlation: spikes in activity coincide with periods of political crises and military actions, such as strikes against Israel or the 12-day war.

Source: Chainalysis.

Chainalysis recorded a shift in user behavior amid the unrest. From December 28 to January 8 (before the internet was shut down in the country), there was a sharp increase in:

  • the average transaction volume in U.S. dollars;
  • the number of transfers to personal wallets.

“This indicates that Iranians are transferring Bitcoin to personal ownership during protests significantly more often than before. This behavior is a rational response to the collapse of the Iranian rial, which has lost nearly all its value and has become virtually worthless against major currencies,” researchers commented.

According to them, Bitcoin has evolved from merely a savings tool to a means of financial resistance. Its censorship resistance and independence from the state system provide Iranians with critically important financial flexibility and control over their assets during a crisis.

Analysts emphasized that the surge in withdrawals to personal wallets during periods of repression aligns with global trends seen in politically unstable countries.

Simultaneously, researchers noted the dominance of the IRGC in the country's digital sector. The organization now controls over half of all transactions. The turnover in wallets under its control surged from $2 billion in 2024 to $3 billion in 2025.

Source: Chainalysis.

“It is important to note that even these figures are a lower estimate, including only a limited number of addresses from the IRGC's sanctioned wallet lists compiled by OFAC and NBCTF,” experts added.

The estimate does not account for potential shell companies and financial intermediaries whose connections to the IRGC have yet to be confirmed. Researchers believe the total amount will increase as new wallets affiliated with the organization are identified.

Recall that at the end of December, Bitwise CEO Hunter Horsley called Bitcoin a salvation from economic collapse in Iran.