Morpho recorded its largest single-day net exchange outflow on August 13, 2026, when traders moved 5.59 million MORPHO tokens off centralized exchanges, according to Santiment. The withdrawal was the biggest since the token began trading in November 2024 and exceeded a previous recent high of 4.35 million tokens on July 25, when Upbit opened MORPHO trading against the Korean won. At roughly $10.8 million, the one-day outflow equaled about 0.85% of the token’s 656.33 million circulating supply and about 94% of daily trading volume, based on CoinGecko data. Large exchange outflows are often viewed as a sign that immediately sellable supply is shrinking, potentially reducing the risk of near-term selling pressure. Santiment said exchange supply is thinning fast, but MORPHO has not yet shown a matching price response. The token traded near $1.94, down 0.9% over 24 hours, up 2.1% over the past week and down 3.6% over 30 days, leaving it about 53% below its January 2025 record high of $4.17. Its market capitalization stood near $1.28 billion. The muted reaction comes as Korean demand has eased. CoinGecko data shows the Upbit KRW pair accounted for about 0.8% of daily MORPHO turnover, down from 12.26% three weeks earlier. That divergence leaves holders removing supply from order books while retail demand and Korean trading flows remain subdued. At the same time, Morpho’s protocol business has continued to expand: Robinhood selected Morpho to power its Earn product on July 1, targeting about 7% on USDG deposits, and Morpho raised $175 million in June in a round led by Paradigm, a16z crypto and Ribbit.