On-chain data shows that after the US and Israel airstrikes on February 28, there was a significant outflow of funds from Iranian cryptocurrency exchanges. According to Chainalysis, as of March 2, approximately $10.3 million worth of assets had been withdrawn from major platforms. Hourly trading volume once surged to nearly $2 million, reflecting how cryptocurrencies often serve as a pressure valve in response to geopolitical tensions, domestic unrest, and financial regulations. Although the direct cause of the outflow—whether retail investors withdrawing, exchange management, or government-related activities—is not yet clear, these fund movements highlight a recurring dynamic within Iran’s $7.8 billion cryptocurrency ecosystem.