Traders moved 5.59 million 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, which is about 94% of the token's daily trading volume per CoinGecko.
The numbers behind the move
The 5.59 million tokens equal about 0.85% of the 656.33 million MORPHO in circulation. The previous high was on July 25, when 4.35 million MORPHO were moved off exchanges as Upbit opened MORPHO trading in the KRW market.
MORPHO trades near $1.94, 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, leaving it near 53% below its record high of $4.17 from January 2025.
Santiment noted that exchange supply is thinning fast, reducing the risk of a sudden sell wall. That's a meaningful shift for a token that's been under pressure for months.
The outflow comes on the heels of Robinhood selecting 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.
Korean demand cools
Korean demand has faded: the Upbit won pair now handles about 0.8% of daily MORPHO turnover, down from 12.26% three weeks ago, according to CoinGecko. That's a sharp drop for a market that was a major driver of the July 25 outflow.
The token's next test will be whether it can hold above $1.90 as exchange supply continues to dwindle.
