Traders pulled a record 5.59 million Morpho (MORPHO) tokens — about 0.85% of the 656.33M circulating supply and roughly $10.8M or 94% of daily volume — off exchanges in one day, yet the token trades flat near $1.94. Market cap is about $1.28B with 24h -0.9%, 7d +2.1% and 30d -3.6% (≈53% below the $4.17 ATH); the protocol has $175M in recent fundraising and a Robinhood Earn integration (July 1), but fading Korean demand and thin exchange liquidity mean price upside depends on new buyer flow, making the update mixed for crypto adoption and token performance.

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In Brief

Traders pulled 5.59 million MORPHO off exchanges, the largest outflow day on record.
The record tops July's 4.35 million spike tied to Upbit's won listing.
MORPHO trades near $1.94, roughly flat despite the developments.

Traders moved 5.59 million Morpho (MORPHO) tokens off exchanges in a single day, the largest net outflow since the token began trading in November 2024, according to Santiment.

The withdrawal pulled roughly $10.8 million of supply out of trading venues. However, MORPHO still changes hands near $1.94, leaving the on-chain signal without a matching price move.

Record Outflow Beats July’s Korean Demand Spike

The 5.59 million tokens equal about 0.85% of the 656.33 million MORPHO in circulation. The withdrawal is worth roughly $10.8 million, or 94% of the token’s daily trading volume, according to CoinGecko.

The figure also tops a recent high set on July 25. Traders shifted 4.35 million MORPHO off platforms that Saturday, when Upbit opened MORPHO trading in the KRW market.

“Exchange supply is thinning fast. Fewer MORPHO tokens on exchanges means fewer coins sitting ready for quick selling, which lowers the risk of a sudden sell wall.” Santiment said.

MORPHO Exchange Outflow Hits Record. Source: X/Santiment

MORPHO Price Stays Flat as Catalyst Rallies Fade

MORPHO trades down 0.9% over 24 hours, with a market capitalization of nearly $1.28 billion. The token has gained 2.1% over the past week and lost 3.6% over the past 30 days. That leaves it near 53% below its record high of $4.17 from January 2025.

Morpho (MORPHO) Price Performance. Source: BeInCrypto Markets

Korean demand has also faded since July. The Upbit won pair now handles about 0.8% of daily MORPHO turnover, down from 12.26% three weeks ago, according to CoinGecko.

This contrasts with the protocol’s traction. Robinhood selected Morpho to power its Earn product on July 1, targeting roughly 7% on USDG deposits. Morpho also raised $175 million in June in a round led by Paradigm, a16z crypto, and Ribbit.

Holders are stripping supply from order books while both retail bids and Korean flow remain absent. Thin exchange balances only lift prices when new buyers arrive.

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Read the article at BeInCrypto