Yeah I'm now starting to be a little concerned as its now up to 34 cycles. It's not been fully drained or anything since I last tested a couple of days ago on Coconut.31 cycle is high considering you have your phone for just over a month.
My typical charging cycle is overnight from 2200-0600 which optimised charging is working for, and on Mondays and Thursdays I use the phone most of the day as a sat nav so its on the wireless charger in my van most of the day, and for the little short journeys I do in the car its connected via a wire to CarPlay.
I wonder if wireless charging whilst using could be causing the excess cycles as from what I recall when wireless charging the iPhone uses battery and the charger tops it up constantly, whereas when wired the iPhone draws its power from the wire bypassing the battery entirely. Although my XR was used in the same way and was still reporting 100% capacity after 9 months usage, but it did seem to have excess capacity over 100% to begin which my 11 does not however.
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I have also lost around 12-18mAH in capacity in the last couple of days according to coconut, however this could be due to environmental factors and I could plug it in again tomorrow and the mAH comes back. Battery life is a finicky beast I have noticed, some days you have more than others.