Bitcoin briefly surged past $70,000 before falling back! Iran's capital outflow surged by 700%, VanEck calls it "building a bottom"

Bitcoin surged violently after the U.S.-Israel airstrikes on Iran, briefly spiking to $70,110 before pulling back. Currently trading around $68,500. Iran’s largest crypto exchange, Nobitex, saw capital outflows increase by over 700% within minutes after the airstrikes, making cryptocurrencies a key channel for Iranian capital to escape abroad. VanEck CEO Jan Van Eck stated, “We are building a bottom, which is also a very good sign of recovery.”
(Background: Reports suggest Israel launched a “preemptive” military strike on Iran! Bitcoin suddenly dropped below $65,000.)
(Additional context: Bitcoin rebounded past $70,000, up nearly 5% in 24 hours.)

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• Iran exchange capital outflows surge 700%, cryptocurrencies become safe haven
• VanEck CEO: Building a bottom, a good sign of recovery
• Dimon warns: Inflation could become the “party pooper”

Bitcoin experienced a strong rally from around $65,000 over the weekend, climbing steadily and briefly hitting $70,110 in the middle of the night before retreating. It is now trading near $68,500. Ethereum (ETH) also rose from $1,922, briefly breaking through $2,080, and is now around $2,026. Although the gains haven’t fully held, this geopolitical-triggered rebound is seen by the market as an important “bottoming signal” in the bear market.

Iran exchange capital outflows surge 700%, cryptocurrencies become safe haven

Crypto analytics firm Elliptic released a report Monday showing that within minutes after the U.S.-Israel airstrikes on Tehran, Iran’s largest crypto exchange Nobitex experienced a capital outflow spike of over 700%, exceeding $500,000. Data indicated that during that night, outflows in a single hour approached $3 million.

Elliptic co-founder Tom Robinson said this capital outflow “may indicate capital fleeing Iran.” Initial tracking shows large amounts of funds transferred to overseas exchanges, likely to “circumvent some global banking regulations and transfer funds out of Iran.” Notably, Nobitex handled over $7.2 billion in crypto transactions in 2025 and has more than 11 million users, making it a core hub in Iran’s digital asset ecosystem.

However, immediately after the airstrikes, Nobitex’s outflows sharply declined. Crypto compliance platform TRM Labs analyzed that Iranian authorities implemented strict internet controls following the conflict’s outbreak, with reports indicating internet connectivity dropped by about 99%, effectively curbing further capital outflows. This highlights a paradox: while cryptocurrencies offer a way to bypass traditional financial restrictions, extreme internet shutdowns still impose physical limitations.

VanEck CEO: Building a bottom, a good sign of recovery

VanEck CEO Jan Van Eck told CNBC that although the crypto market has fallen more than 50% from its October highs, he believes a bottom is forming. He noted that Bitcoin has a clear investment cycle—rising for three consecutive years, then typically dropping significantly in the fourth year, which is 2026.

“We are in a crypto bear market, and there’s no need to overcomplicate the analysis. Right now, I believe we are building a bottom, which is a very good sign of recovery.” — Jan Van Eck, VanEck CEO

Earlier, VanEck released a 2026 outlook report stating that although Bitcoin’s traditional four-year cycle was “broken” in 2025, the firm still considers 2026 a “risk-on” year, with long-term structural bullish trends intact.

Dimon warns: Inflation could become the “party pooper”

JPMorgan Chase CEO Jamie Dimon warned at the Miami leveraged finance conference that inflation could become the “party pooper” of the U.S. economy. Dimon noted that Trump’s warnings about Iran actions could last for weeks, and the weekend airstrikes resulted in the deaths of Iran’s Supreme Leader Khamenei and several senior officials.

Dimon said, “It’s currently pushing up gasoline prices slightly, but if the conflict doesn’t last long, it won’t cause serious inflation.” He added, “But if it continues for a long time, that’s another story.”

Overall, this geopolitical-triggered market rebound demonstrates the potential of crypto assets as safe havens during crises. Iran’s crypto capital flight further confirms the growing importance of decentralized finance in global capital flows. Despite inflation risks and war uncertainties looming, VanEck’s “building a bottom” outlook and the market’s strong rebound willingness offer an optimistic outlook for future trends.