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However, Bitcoin’s spot price index shows no signs of an impending collapse, as it has recovered well from an earlier drop at the start of the conflict and is trading around the $66.4k valuation at press time.
The crypto analyst in question, Sweep, has over 200,000 followers on X, including Binance’s CZ himself. He tweeted:
Iran’s Bitcoin mining program is indeed among the largest in the world, but it accounts for only 2-5% of the decentralized ecosystem’s net hash rate. The overall semi-underground crypto economy is worth $7.7 billion, according to the latest calculations, while Iranians hold tens of billions of dollars’ worth of BTC in their wallets to circumvent crippling hyperinflation.
The main benefit for Iranian miners was the cost of electricity, given the country’s abundant, low-cost thermal energy. According to Sweep, American miners mine 1 BTC for $50,000, while Iranian miners mine it for $1,320, which gives them a significant edge. Now, with the country under attack, the massive reserves could be dumped in the market to help pay for the war expenses.
 
Derivatives Selling Pressure Mounts
On the derivatives side, sell volume spiked sharply due to the ongoing war in the Middle East. Analytics firm CryptoQuant tweeted:
The post was followed by this graph:
The graph shows a $1.8 billion surge in Bitcoin derivatives sell volume within one hour on February 28, 2026, triggered by American strikes on Iran. However, the spot price has remained resilient despite the ongoing price squeeze in the derivatives market. In fact, the premier digital currency recovered to $68k earlier yesterday, highlighting rising demand despite the ongoing war and Iran’s closure of the Strait of Hormuz.
Digitized Gold has also recorded a major price appreciation to $5.48k an ounce on online trading platforms, even as the traditional bullion sector remains closed. All eyes will be on the markets on Monday, with a major hit expected in stocks and bonds, while commodities like gold and oil are expected to surge.
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