Iran-linked Bitcoin activity fell about 80%, then rebounded during the blackout
Chainalysis reports that Bitcoin transaction activity attributed to Iran fell about 80% during the February-to-May 2026 internet shutdown, then recovered to more than 75% of baseline before restrictions ended and nearly twice baseline after they eased. Cloudflare recorded internet traffic falling below 1% of prior levels, with only partial restoration in May. The data do not show how many people could access funds, whether activity was concentrated among repeat users, or which routes enabled transactions; Chainalysis cites Starlink and other bypasses only as possibilities. Country attribution and differing measurement baselines also limit conclusions. Stablecoin inflows followed a separate pattern, later exceeding their baseline during the blackout.
