Whale transactions and new wallet creation in Morpho both hit multi-month highs in a single day, while 4.35 million MORPHO left exchanges. Santiment reads that outflow as a sign of lower immediate sell pressure. The token still slipped 1.84% to $1.95 as trading volume halved.
Large MORPHO holders pulled 4.35 million tokens off exchanges in a single day, the largest outflow since February 4, 2026. Santiment noted the move points to lower immediate sell pressure in the near term. Tokens leaving exchanges usually land in private wallets or cold storage, which reduces the supply readily available for quick selling.
Whale transactions hit their highest count since October
Santiment reported 68 transactions worth over $100,000 in one day, the highest count recorded since October 2, 2025. The spike suggests larger holders are repositioning quickly rather than waiting on the sidelines.
Network growth climbed alongside that count. Santiment tracked 337 new MORPHO wallets created in one day, the strongest wallet growth since March 15, 2026. New wallets often point to fresh participants entering a token, whether traders or long-term holders.
Both metrics moving together in the same window is notable. It pairs heavier whale activity with broader interest from new addresses.
Listings and a $175 million raise sit behind the surge
Several catalysts appear to be driving the activity. Upbit added MORPHO trading against the Korean won on July 25, and new exchange access in a major market often draws fresh volume and attention.
Morpho Midnight also launched fixed-rate cbBTC and USDC lending on Base, expanding what the protocol offers beyond its existing lending markets. Robinhood separately selected Morpho to power a new Earn product, extending the protocol's reach into retail finance. The team also raised $175 million from major names across crypto and traditional finance.
Price slipped as volume fell by half
Despite the on-chain activity, the token slipped 1.84% to $1.95 in 24 hours according to CoinMarketCap, underperforming a broader market that stayed slightly positive. The drop followed a post-listing pullback and a technical breakdown.
Trading volume fell 50.95%, pointing to fading momentum and thinner liquidity. The $1.90 to $1.92 range now stands as the level to watch, and a break lower risks a retest toward $1.80.
A pickup in volume would be needed to signal any reversal.
Source: Live Bitcoin News
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