Looks like the key info is that Evolve is partnered with MANY other services, including some in crypto land and they are having issues, so some VCs were advising people to move money off of Evolve and onto Mercury's other partner, and a bit of that happened. Here's the quote:

>>"Multiple VCs, including Sequoia and Craft Ventures, have advised their startups to move funds away from Evolve-backed platforms, resulting in about $200 million being moved off Mercury, according to multiple people with knowledge of the matter.

>>Immad Akhund, co-founder and CEO of Mercury, didn’t deny that the funds had been moved and characterized the amount as “not really material,” saying the company has “billions of dollars in deposits across 100K customers and [is] profitable.”

>>Akhund characterized the money movement as “primarily folks diversifying, rather than full churning,” by moving funds to Mercury’s other bank partner, Choice, or into Mercury’s treasury management product."