According to @lookonchain, pump.fun deposited 75M USDC into Kraken about 11 hours before 69.27M USDC flowed from Kraken to Circle, indicating another $75M cash out tracked on-chain. Source: Lookonchain on X, Nov 27, 2025. Transfers from exchanges to Circle typically correspond to USDC redemption that removes tokens from circulation and settles USD to bank accounts, signaling an off-ramp to fiat. Source: Circle, USDC redemption and settlement documentation. Historically, large USDC redemptions have coincided with thinner market depth on exchanges, a dynamic traders monitor when assessing stablecoin liquidity conditions. Source: Kaiko Research, Stablecoin Liquidity and Market Depth (2023).