Morpho recorded a sharp increase in large on-chain transactions, while 4.35 million MORPHO tokens left exchanges in a single day, according to data cited from Santiment.

The rise in activity came as new wallets were created at the fastest pace in weeks and coincided with recent listings, product launches, and funding developments involving the protocol. Morpho operates in the decentralized lending market, where token activity is often watched alongside product adoption, exchange access, and liquidity conditions.

Morpho Whale Transactions Reach Multi-Month High

Santiment reported 68 MORPHO transactions worth more than $100,000 in one day. The analytics firm said that was the highest daily count since October 2, 2025.

The increase indicates that larger holders were active during the period, with sizable transfers moving across the network. Network growth rose at the same time.

Santiment also tracked 337 new MORPHO wallets created in a single day, marking the strongest day for wallet growth since March 15, 2026. New wallet creation can reflect the arrival of additional market participants, including both traders and longer-term holders.

The simultaneous rise in whale transactions and new addresses points to heavier activity from large holders alongside broader network participation. For lending protocols, address growth and large transfers can be useful signals to monitor because they show whether activity is concentrated among a small number of holders or expanding across a wider user base.

🐳 Morpho whale activity has been suddenly surging. Our metrics show there were 68 $100K+ whale transactions in one day, the highest count since October 2nd, 2025.

🌱 Network growth jumped too. 337 new $MORPHO wallets were created, the highest growth day since March 15th, 2026.… pic.twitter.com/xQoCnyCvBi

— Santiment Intelligence (@SantimentData) July 26, 2026

MORPHO Exchange Outflows Reach Highest Level Since February

Exchange outflows showed a similar shift. A total of 4.35 million MORPHO left exchanges in one day, the largest outflow since February 4, 2026.

Santiment said the movement points to lower immediate sell pressure in the near term. Tokens transferred away from exchanges often move into private wallets or cold storage, reducing the amount readily available for quick sale. That does not determine price direction, but it changes the amount of supply immediately available on trading platforms.

The size of the outflow stood out compared with recent months. Combined with the increase in large transactions, the data showed a broader rise in activity around MORPHO during the week. Exchange balance changes are typically read alongside volume and transfer data because outflows alone do not show whether tokens are being accumulated, used elsewhere, or moved for custody reasons.

Listings, Product Launches, and Funding News Coincide With Activity

Several recent developments formed the backdrop to the on-chain activity.

Upbit added MORPHO trading against the Korean won on July 25. New access through a major exchange market can draw additional volume and attention to a token, especially when paired with a local fiat market.

Morpho Midnight also launched fixed-rate cbBTC and USDC lending on Base, expanding Morpho’s lending products beyond its existing markets. Fixed-rate lending products can appeal to users seeking more predictable borrowing or lending terms than variable-rate markets.

Robinhood separately selected Morpho to power a new Earn product, extending the protocol’s reach into retail finance.

Morpho also raised $175 million from major names across crypto and traditional finance. Together, these developments coincided with the recent increase in on-chain activity.

MORPHO’s price moved lower during the same 24-hour period. According to CoinMarketCap, the token fell 1.84% to $1.95, while the broader market remained slightly positive.

The decline followed a post-listing pullback and a technical breakdown. Trading volume dropped 50.95%, indicating weaker momentum and thinner liquidity. The source article identified the $1.90 to $1.92 range as a level being watched by traders, with a lower move risking a retest toward $1.80 and higher volume needed to indicate a reversal.