Self-supervised models, namely, wav2vec and its variants, have shown promising results in various downstream tasks in the speech domain. However, their inner workings are poorly understood, calling for in-depth analyses on what the model learns. In this paper, we concentrate on the convolutional feature encoder where its latent space is often speculated to represent discrete acoustic units. To analyze the embedding space in a reductive manner, we feed the synthesized audio signals, which is the summation of simple sine waves. Through extensive experiments, we conclude that various information is embedded inside the feature encoder representations: (1) fundamental frequency, (2) formants, and (3) amplitude, packed with (4) sufficient temporal detail. Further, the information incorporated inside the latent representations is analogous to spectrograms but with a fundamental difference: latent representations construct a metric space so that closer representations imply acoustic similarity.