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