Nobitex Whale Activity Continues Despite Iran War Shock

Nobitex remains active as large crypto holders keep moving funds through the Iranian exchange despite a sharp fall in traffic since March

ContentsWhale Transfers Keep Nobitex Volumes AliveStablecoins Dominate As BTC Deposits FadeSuspicious Withdrawal Adds Fresh ScrutinyGlobal Ledger data shared with Cryptopolitan shows the platform handles stablecoin flows and whale-led transfers after the war in Iran disrupted market activity

The exchange now processes lower volumes than its 2024 peak, yet it remains a major regional crypto route for users inside the sanctioned country.

Whale Transfers Keep Nobitex Volumes Alive

Nobitex processed $46.97 million in volume in 2026 so far, which equals about $9.4 million per month. That is below the $207 million monthly volume recorded at its 2024 peak.

Global Ledger analysis found that turnover has fallen more than 18 times from that high point. The exchange also recorded a 50 percent drop in traffic after Iran’s conflict began in March.

However, Nobitex kept its role in Iran’s crypto market. The platform remains linked to the broader centralized exchange system, with $3.06 billion moved from Nobitex to other centralized exchanges.

The report said $1.13 billion of those flows went through the top 10 centralized markets. Large accounts dominated the activity, as 4% of addresses with more than $200,000 in transactions generated 85% of total Nobitex volume.

Stablecoins Dominate As BTC Deposits Fade

Nobitex activity has shifted heavily toward stablecoins, with USDT remaining the main asset used on the platform. The exchange relies strongly on USDT through the TRON network, and the stablecoin now accounts for about 84.4% of trading volume.

BTC deposits nearly disappeared after the conflict escalated. Only 0.08 BTC was deposited to Nobitex after the US attacks on Iran, marking an 86.5 percent decline in Bitcoin deposits.

ETH moved in the opposite direction. Deposits rose from 599 ETH before the war to 2,021 ETH after the conflict, showing a 3.4 times increase.

Other assets showed weaker demand. LTC deposits dropped 34% after the war, while TRX inflows declined 6%. USDT deposits fell only 9%, which kept the token at the center of Nobitex flows.

Suspicious Withdrawal Adds Fresh Scrutiny

Arkham Intelligence data shows Nobitex currently holds about $11.1 million in assets. In the past day, a suspicious wallet withdrew $18.85 million across several chains, although the movement has not been flagged as an exploit.

The withdrawal included $8.07 million in BNB, $3.19 million in SHIB, and $1.09 million in USDT. The funds are still held in the first destination wallet.

Nobitex remains under close watch due to concerns over money laundering and sanctions evasion. Its recent activity shows that Iranian crypto users still rely on digital assets for transfers, trading, and access to stablecoin liquidity despite pressure.