WBTC supply drops by $96M following news of Justin Sun's involvement

On-chain analyst Tom Wan shared on X that the supply of Wrapped Bitcoin (WBTC) has dropped by 1,600 tokens ($96 million) following the announcement of its transition to a multi-institution custody model. He noted that institutional investors, including Galaxy Digital, FalconX and CoinList, are redeeming WBTC, likely in search of a more reliable wrapped Bitcoin option. Last month, BitGo, the company managing WBTC, transferred partial control to a joint venture involving Tron founder Justin Sun, raising concerns about centralization within the community.