The CoconutBattery application is only reading the computer sensors are offering.
As @tbirdvet has outlined the Battery Capacity is always going up and down and never stays at the same level.
The only real time to take real notice is when the Full Battery Cycles start mounting up and or the Battery Capacity is reading about 80%
Batteries are considered Consumable Products. Over time it will degrade to a point where it needs to be replaced. The usage is normal as the capacity will go up and down all the time and never stay always at 100%. Apple Batteries are rated for 1000 Full Battery Cycles and / or 80% Capacity before needing Evaluation or replacement.
For additional reading on Battery and Apple Computers this link may help. About battery health management in Mac notebooks and especially for the M1 and Big Sur If battery charging is paused or on hold on your Mac