Iranians are withdrawing Bitcoin amid protests and a collapsing rial, highlighting the cryptocurrency's role as a financial safeguard.
In response to ongoing protests and a significant devaluation of the Iranian rial, many Iranians are withdrawing substantial amounts of Bitcoin from exchanges to secure personal wallets. Data from Chainalysis indicates that this trend has intensified recently.
New insights reveal that Iran's cryptocurrency market exceeded $7.78 billion in 2025, with on-chain activity reflecting the nation's political and social upheavals.
Our findings show:
— Addresses linked to the IRGC now account for 50% of the crypto landscape in Iran
— There is a notable increase in Bitcoin withdrawals…
— Chainalysis (@chainalysis) January 15, 2026
Analysts noted that by the close of 2025, the value of Iran's crypto ecosystem reached $7.78 billion, indicating a direct link between spikes in cryptocurrency activities and periods of political unrest or military engagements, including strikes against Israel.
Chainalysis observed a notable change in user behavior during the unrest, particularly from December 28 to January 8, prior to an internet blackout. During this period, there was a marked increase in:
- Average transaction volumes in U.S. dollars;
- Transfers to personal wallets.
“This suggests that Iranians are increasingly transferring Bitcoin to personal ownership during protests, a rational response to the near-total collapse of the rial, which has diminished in value against major currencies,” researchers stated.
Bitcoin's role has shifted from a mere savings tool to a form of financial resistance. Its decentralized nature allows Iranians to maintain control over their assets amid economic turmoil.
Experts highlighted that the rise in withdrawals to personal wallets during oppressive periods aligns with global patterns seen in politically unstable regions.
Additionally, the IRGC's influence in Iran’s digital economy has grown, controlling over half of all cryptocurrency transactions. Transactions linked to IRGC-controlled wallets increased from $2 billion in 2024 to $3 billion in 2025.
“These figures likely underestimate the total, as they only include a limited number of addresses from the IRGC’s sanctioned wallets recognized by OFAC and NBCTF,” experts cautioned.
This estimate does not consider potential shell companies or financial intermediaries connected to the IRGC that have not yet been verified. Researchers expect these numbers to rise as more IRGC-affiliated wallets are uncovered.
In late December, Bitwise CEO Hunter Horsley referred to Bitcoin as a potential lifeline for Iranians facing economic collapse.
