ChainCatcher news, 21.co strategy analyst Tom Wan posted on X platform that since the announcement of WBTC custody, its supply has decreased by 1,600 coins, equivalent to about $96 million. Several WBTC merchants, including Galaxy, FalconX, Tokka Labs, Coinlist, Abra, and Crypto.com, have redeemed their held WBTC. This phenomenon indicates that institutional investors are seeking more reliable options for wrapped Bitcoin.