Digital asset outflows from Iran’s largest exchange operator rose sharply following the joint US and Israeli airstrikes on 28 Feb. According to data from the blockchain analytics firm Elliptic, withdrawals from the Nobitex platform increased by approximately 700% as the military operations commenced.
Nobitex, which serves more than 11mn registered users, recorded an annual trading volume of roughly $7.2bn in 2025. In an economy where access to global banking is limited by sanctions, crypto assets and dollar-denominated stablecoins are frequently used as alternative channels for capital movement.
Blockchain data indicates that transfers from wallets associated with the exchange reached seven times their typical levels shortly after the strikes began. This spike suggests a move toward more portable assets as regional instability increased. While the Tehran Stock Exchange reportedly halted trading during the period of high volatility, the continuous nature of crypto markets allowed for immediate transactional responses to the shifting geopolitical environment.
Regional markets under pressureThe surge in Iranian outflows occurred alongside broader market disruptions across the Middle East. As volatility spread through Gulf financial centres, stock exchanges in the United Arab Emirates suspended trading for two days. According to reporting by Al Jazeera, the suspension was intended to manage the impact of the escalating conflict on regional markets.
Bitcoin tests $70,000 levelGlobal geopolitical uncertainty appears to be influencing the price of Bitcoin (BTC) as the New York session opens on 2 Mar. After experiencing losses throughout February, the premier cryptocurrency edged higher during the US morning towards the $70,000 mark, recovering from its weekend lows. Further details regarding the Nobitex withdrawal spike are available on the Elliptic blog.
