New research from Chainalysis shows cryptocurrencies once again acting as a financial “pressure valve” in Iran during crisis conditions.

On-chain data indicates that following the Feb. 28 U.S.–Israeli airstrikes, there was a sharp surge in Bitcoin (CRYPTO: BTC) outflows from Iranian exchanges.

Within hours of the news breaking, hourly withdrawals jumped dramatically at times nearing or exceeding $2 million.

By March 2, cumulative outflows since Feb. 28 had reached approximately $10.3 million, well above typical baseline activity.

The pattern mirrors previous crisis-driven spikes, including the 2024 Kerman bombings and protest waves.

During those periods, a collapsing rial, persistent…

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