According to ChainCatcher, Tom Wan, a strategy analyst at 21.co, wrote on the X platform that since the WBTC custody announcement, its supply has dropped by 1,600, or about $96 million. Several WBTC merchants, including Galaxy, FalconX, Tokka Labs, Coinlist, Abra, and Crypto.com, have redeemed their WBTC holdings. This phenomenon shows that institutional investors are seeking more reliable Bitcoin wrapped token options.