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.

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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. 

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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Source: BeInCrypto