Morpho records its largest single-day exchange outflow since spot trading began
Santiment data shows 5.59 million $MORPHO left exchanges on August 13, the largest single-day outflow since the token became transferable in November 2024, as the protocol powers Robinhood Earn and backs a $175 million fundraise.
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Record Outflow Signals Thinning Exchange Supply
@Morpho recorded its largest single-day exchange outflow on August 13, 2026. According to on-chain analytics platform Santiment, 5.59 million $MORPHO tokens left centralized exchanges, marking the biggest net daily outflow since the token became transferable and began spot trading on November 21, 2024.
When tokens move off exchanges, they are no longer part of the pool available for immediate sale. Santiment noted the tokens moved away through on-chain transfers, reducing the amount held on trading platforms and easing near-term sell pressure. The move is the clearest supply-side signal the token has produced since spot trading launched.
The August 13 outflow is not the first time this pattern has appeared. In late July, traders withdrew 4.35 million MORPHO from exchanges, the largest single-day outflow at that time since February 4, 2026, a move that coincided with Upbit opening a Korean won trading pair for the token. Won pairs across all venues account for roughly 13% of MORPHO turnover, giving Korean retail traders meaningful influence over short-term price direction.
Protocol Momentum Builds Behind the Data
The on-chain activity comes against a backdrop of growing institutional momentum for the protocol. Morpho powers Robinhood's Earn product, which provides risk-adjusted yield on idle balances using USDG, a dollar-pegged stablecoin, delivered through Robinhood's app. Morpho serves as the underlying credit network, Steakhouse Financial curates the vault infrastructure, and Robinhood Chain acts as the settlement layer.
The Robinhood partnership followed a significant fundraise. Morpho raised $175 million in a round co-led by Paradigm, a16z crypto, and Ribbit Capital, with Apollo Funds, Circle Ventures, and VanEck among participants. Fortune reported the round valued the protocol at up to $2 billion. The raise marked Morpho's fourth institutional fundraise since 2021.
Santiment's outflow data does not identify the individual traders behind each transfer, and large single-day movements do not guarantee a sustained directional price move. Still, the combination of record exchange outflows, a major retail integration, and heavyweight institutional backing adds context to why $MORPHO supply on trading platforms continues to thin.
Sources:
Crypto Times: Morpho Sees Record 5.59M Token Exodus From Exchanges
Business Wire: Robinhood Chooses Morpho to Power New Earn Product
Fortune: Morpho Raises $175 Million Led by a16z Crypto, Paradigm, and Ribbit Capital
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Crypto RichRich has been researching cryptocurrency and blockchain technology for eight years and has served as a senior analyst at BSCN since its founding in 2020. He focuses on fundamental analysis of early-stage crypto projects and tokens and has published in-depth research reports on over 200 emerging protocols. Rich also writes about broader technology and scientific trends and maintains active involvement in the crypto community through X/Twitter Spaces, and leading industry events.