Chainalysis reported that Iran-linked Bitcoin activity recovered to more than 75% of its baseline by the end of the prolonged February-to-May 2026 internet shutdown, after initially falling by about 80%. After restrictions eased in late May, activity rose to nearly twice its baseline. Cloudflare separately observed Iranian traffic dropping to below 1% of previous levels, followed by a partial restoration on May 26, 2026, when traffic peaked at 40% of the maximum previously recorded and IPv6 traffic remained virtually zero. Cloudflare and Chainalysis use different baselines, and their figures do not measure how many people had reliable access to their funds. Offline signing remained possible, but broadcasting a transaction required network access, while recipients did not need to be online when a payment was made. Chainalysis also reported that cross-border stablecoin inflows, initially down by nearly 50%, exceeded their baseline after the April 7 ceasefire, during the second blackout.
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