Iran-linked Bitcoin activity fell 80% then rebounded to 75% of baseline during prolonged internet shutdown

Chainalysis reports that Bitcoin transaction activity in Iran fell approximately 80% during a prolonged internet shutdown from February to May 2026, then recovered to over 75% of its baseline by the shutdown's end. After restrictions eased in late May, activity rose to nearly twice the baseline. Cloudflare data confirms the blackout reduced Iran traffic to under 1% of previous levels, with a partial restoration observed on May 26. The analysis covers July 2025 through June 2026 and notes that the number of people with dependable access to their funds remains unmeasured.