Iran-linked Bitcoin activity fell about 80%, then rebounded during the blackout

By the end of Iran's prolonged February-to-May 2026 internet shutdown, Bitcoin transaction activity in Chainalysis's selected everyday-use series had recovered to over 75% of its baseline after an initial fall of around 80%, the blockchain analytics company reported Oct. 26.The rebound developed while the blackout was still in place. Some Iran-attributed activity was reaching the network during severe restrictions, while the number of people with dependable access to their funds remains unmeasured.The findings come from Chainalysis's new Middle East and North Africa analysis, covering July 2025 through June 2026. Independent traffic observations from Cloudflare document the prolonged disruption and its partial easing.A recovery inside the shutdownThe longer shutdown began Feb. 28. Cloudflare observed traffic from Iran fall to well under 1% of previous levels, while Chainalysis reports that Bitcoin transaction activity initially fell around 80%.The two series then followed different courses. Chainalysis says Bitcoin activity gradually climbed during the restriction period, reaching over 75% of its baseline by the blackout's end. After restrictions began easing in late May, activity ...