Due to investors' interest shifting to precious metals with soaring prices, cryptocurrencies have underperformed, and Bitcoin has struggled to hold the key support level near $86,600. Analysts point out that the market is turning to defensive strategies, while Tether disclosed that it holds $23 billion worth of gold, becoming one of the largest private gold holders. Fidelity plans to launch an Ethereum-based stablecoin, while Ripple has introduced a fund management platform for managing digital and traditional assets.