The U.S. has added Alibaba, Baidu, and BYD to a Pentagon list of Chinese companies tied to Beijing’s military. The update also names several chip, biotech, robotics, and telecom firms operating in the United States.

• The Pentagon added Alibaba, Baidu, BYD, CXMT, YMTC, WuXi AppTec, RoboSense, and Unitree to its updated list.
• The list does not impose direct sanctions, but it affects Defense Department contracting rules.
• China’s embassy criticized the move, while WuXi AppTec called its inclusion a mistake.

The list does not impose direct sanctions, but it affects Defense Department contracting rules. The move comes weeks after President Donald Trump met Chinese President Xi Jinping in Beijing.

Pentagon updates China military company list

According to the Pentagon filing released Monday, the listed firms qualify as Chinese military companies under U.S. law. The update replaces an early 2025 version of the list. It also follows a withdrawn February version that briefly appeared online before the Pentagon removed it. The new list largely matches that earlier version. However, it adds major memory chipmakers CXMT and YMTC.

The list now covers several major Chinese technology and industrial firms. Alibaba, Baidu, and BYD joined the list alongside WuXi AppTec, RoboSense, and Unitree. The Pentagon also added Baicells, a telecom equipment maker previously reported under U.S. investigation. China BlueChemical Limited also joined the list. The filing noted that China’s government directly controls CNOOC, its parent oil group.

Some companies left the list in the same update. The Pentagon removed CNOOC China Ltd and CNOOC International Trading. Companies can leave the list for several reasons, including name changes or lack of U.S. operations. The filing said listed companies may petition for removal. Alibaba, Baidu, BYD, CXMT, YMTC, Unitree, CNOOC, and Nvidia did not immediately comment.

China and companies respond to designations

China’s embassy in Washington criticized the U.S. action. The embassy said Beijing opposes “making discriminatory lists to go after Chinese companies.” It also said Chinese firms follow local laws and regulations. “The U.S. should stop its wrong practice,” an embassy spokesperson said. The spokesperson urged Washington to create a fair and non-discriminatory business environment.

WuXi AppTec disputed its placement on the list. A company said the designation was “clearly a mistake.” The spokesperson said WuXi AppTec would take immediate steps to correct the listing. Other newly named companies did not immediately provide public responses. The Pentagon filing said listed firms operate in the United States.

House China Select Committee Chair John Moolenaar supported the update. He said the list warns American companies, governments, and citizens. “These Chinese companies are working with the Chinese military against our national interests,” Moolenaar said. The list also includes Unitree, a Chinese robotics company. Nvidia said on June 1 that it planned to work with Unitree on research robots.

Defense contracting limits approach

The listing does not formally sanction the companies. However, U.S. law will soon bar the Defense Department from direct contracts with listed firms. The ban on direct contracting starts later this month. Starting in 2027, the department will also face limits on indirect purchases. Those rules cover products and services bought through third parties.

The rules could affect listed firms and companies that work with them. The designation also sends a warning to Pentagon suppliers and other government agencies. Some Chinese firms have previously sued the U.S. over inclusion on similar lists. The latest update arrives during continued U.S.-China competition over technology, manufacturing, and security. Washington has expanded scrutiny of Chinese firms in chips, robotics,artificial intelligence, and biotech.

Craig Singleton, a China expert at the Foundation for Defense of Democracies, said the update shows a wider U.S. approach. “Washington is no longer treating these as isolated companies,” Singleton said. He added that the U.S. now views the technology stack as strategically contested. The Pentagon must update the list at least once each year. The new filing arrived less than a month after the Trump-Xi meeting in Beijing.

Bitcoin (BTC) sank to its lowest level since October 2024 on Friday, dropping to $59,073 as macroeconomic pressures and sustained outflows from Bitcoin ETFs intensified the latest downturn.

Meanwhile, Strategy executive chairman Michael Saylor hinted in an X post that the company could make another BTC acquisition, a week after it sold 32 BTC between May 26 and May 31, only the second time in its history.

Bitcoin (BTC) Rebounds but Momentum Remains Weak

Bitcoin (BTC) registered a sharp rebound on Sunday, reclaiming $60,000 after falling to $59,073 on Friday. The rebound comes after a sobering week in which the cryptocurrency declined over 15%.

The downturn was primarily driven by capital rotation, macroeconomic conditions, and ETF outflows. ETFs started June with outflows of $483 million, followed by $519 million on Tuesday. Outflows continued on Wednesday with $396 million before the streak was broken by a marginal inflow of $3.20 million on Thursday. However, selling resumed on Friday with Bitcoin ETFs recording $325 million in outflows. Market watchers believe the ETF selloff and capital rotation by institutional investors into gold and AI stocks has drained liquidity from the sector.

There are also doubts about the bounce’s longevity as institutional investors continue to sell. Jean-David Péquignot, Chief Commercial Officer at Deribit, believes if BTC loses momentum again and fails to hold the $55,000–$56,000 mark, it could dip towards $50,000 or lower. A drop to these levels could pressure miners and impact their daily net revenue. Péquignot stated in an interview with CoinDesk:

“If the mid-$50Ks fail to hold, the next backstop is the $48K–$52K range. At these prices, older legacy mining rigs begin generating negative daily net revenue. A drop to this level forces inefficient miners to unplug, prompting natural supply-side capitulation and a downward reset in network difficulty. Historically, miner capitulation phases align with cyclical bottoms.”

The $60,000 level becomes crucial at this stage. BTC’s ability to stay above this level could restore confidence in investors in the short term. However, the latest escalation in hostilities between the US, Israel, and Iran could put pressure on risk assets.

Michael Saylor Hints at Bitcoin Buy

Meanwhile, Strategy executive chairman Michael Saylor hinted at a fresh Bitcoin buy, posting an acquisition chart alongside the caption “a good time to add more dots.” Saylor’s cryptic posts are often interpreted as an indication of Strategy preparing to acquire more BTC. The chart historically precedes 8-K filings that confirm the purchase. The Bitcoin treasury company currently holds 843,706 BTC, valued around $52 billion at current prices.

Saylor’s post comes days after Strategy sold 32 BTC between May 26 and May 31, marking only the second time the company has offloaded the asset. The sale saw Strategy recoup $2.5 million, with the proceeds allocated towards dividend payments on STRC.

Bitcoin (BTC) Price Analysis

Bitcoin (BTC) started the previous week in the red, dropping over 3% to $71,314. Selling pressure intensified on Tuesday as the flagship cryptocurrency dipped below $70,000, thanks to a spike in risk-off sentiment driven by ongoing geopolitical tensions, sustained ETF outflows, and structural headwinds. The recent movement of 10,422 BTC by Mt Gox to a new wallet as the repayment deadline approaches has also impacted investor sentiment.

The bloodbath continued on Wednesday as the price dipped 3.93% to $64,040. BTC registered substantial volatility on Thursday, dropping to a low of $61,309 before rebounding to $63,806. BTC fell to a low of $59,073 on Friday before recovering to reclaim $60,000 and settle at $61,032. Selling pressure declined substantially on Saturday, with BTC falling marginally to $60,850 despite an initial drop to an intraday low of $59,448. BTC recovered on Sunday as oversold conditions led to a relief rally following the brutal downturn over the past few days.

Saylor’s buy signal also improved investor sentiment, reassuring the market of Strategy’s long-term conviction in BTC despite its recent sale. However, overall market sentiment remains weak, with the price only marginally up during the ongoing session.

The RSI clearly shows the oversold conditions responsible for the bump, while the MACD shows weakening bearish momentum.

When Will the Market Recover

Bitcoin and the broader cryptocurrency market have endured a difficult year as high interest rates, macroeconomic conditions, and geopolitical tensions have eroded investor confidence. ETF outflows and capital rotation into AI and tech stocks have amplified the downturn, with BTC losing half its value since reaching an all-time high of over $126,000 in October 2025.

A recovery is likely if the geopolitical and macroeconomic situation improves. Regulatory clarity and the possibility of lower interest rates could also improve investor sentiment. Investors must focus on long-term portfolio allocations rather than panicking about short-term price movements.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Bitmine Immersion Technologies increased its Ether holdings to 5.54 million ETH after acquiring nearly 127,000 tokens over the past week, bringing its treasury to 4.59% of Ethereum’s total supply.

The company said it has now reached 92% of its stated goal of acquiring 5% of Ethereum’s total supply, a strategy it calls the “Alchemy of 5%.” It added that 4.72 million ETH (ETH), or about 85% of its holdings, are currently staked through validator infrastructure, worth roughly $7.7 billion at current prices.

Bitmine projected $230 million in annualized staking revenue from its current staked ETH position, with rewards potentially rising to $270 million if its holdings are fully staked through MAVAN and other staking partners.

Despite the broader crypto market pullback, Bitmine Chairman Tom Lee said advances in artificial intelligence could increase demand for public blockchains such as Ethereum (ETH), which he described as a “reliable decentralized” blockchain.

The global crypto market cap stands at $2.19 trillion, according to CoinMarketCap data at time of publication. That’s down from $2.69 trillion on May 9.

As of June 7, Bitmine held 5,543,872 ETH and 204 Bitcoin (BTC), along with $247 million in cash and equity stakes in Beast Industries and Eightco Holdings.

According to CoinGecko data, Bitmine ranks as the largest Ether treasury company among 32 public entities tracked by the platform. Its 5.54 million ETH holdings are more than six times larger than those of second-ranked SharpLink, which holds 868,699 ETH.

Top Ethereum treasury companies. Source: CoinGecko

Bitmine shares rose more than 6% on Monday following the announcement, though the stock remains down around 38% year-to-date, according to Yahoo Finance data. The company had a market capitalization of about $9.59 billion.

Source: Yahoo Finance

Related: ETH falls to 13-month low on Zcash bug, Bitcoin below $60K: Is $1.4K next?

Ether faces pressure despite Bitmine’s continued accumulation 

It has been a difficult year for Ether, the second-largest cryptocurrency by market capitalization, even as Bitmine aggressively expands its treasury. CoinGecko data shows ETH is down more than 43% year-to-date, falling from above $3,000 in January to about $1,685 on Monday.

Source: CoinGecko

Some large holders have reduced their exposure during the downturn. In May, the Ethereum Foundation sold 20,000 ETH through two over-the-counter transactions worth about $46.8 million combined. The sales followed an earlier 5,000 ETH deal in March, bringing the foundation’s total ETH sold this year to 25,000 ETH.

The cryptocurrency’s weak price performance has also prompted some long-time Ethereum supporters to reassess their investment outlook. In May, Bankless co-founder David Hoffman said he had sold the remainder of his Ether holdings, arguing that the long-standing “ETH is Money” thesis had largely played out.

Hoffman said he remains bullish on Ethereum as a network but believes much of its future growth may not be reflected in the token itself. He said that layer-2 networks and other ecosystem participants capture a significant share of the economic value generated on the blockchain.

Magazine: Bitcoin copying 2022 ‘almost perfectly,’ Ether to $4K in 2026: Market Moves

South Korean police have raided Bithumb as part of a widening investigation into alleged nepotism involving independent lawmaker Kim Byung-gi. The probe centers on whether Kim sought to influence employment opportunities for his son at multiple crypto firms, including Bithumb and Dunamu, the operator of rival exchange Upbit, according to a News1 report.

News1 noted that Kim’s son joined Bithumb in January 2025 and remained employed for about six months, prompting authorities to assess whether political pressure or preferential treatment affected the hiring process. The investigation has since expanded beyond the initial hiring claims to examine potential misuse of political influence within the crypto sector.

According to Cointelegraph, allegations of hiring favoritism and influence-peddling remain highly sensitive in South Korea, a country that has grappled with a series of political and corporate scandals related to insider networks and power used to secure advantageous outcomes.

Key takeaways

• Law enforcement action targets Bithumb in connection with a broader nepotism probe involving an independent lawmaker and his family ties to the crypto industry.
• The investigation has broadened from hiring practices at Bithumb to potential misuse of political influence in relation to crypto firms, including Upbit’s operator, Dunamu.
• Kim Byung-gi has faced repeated questioning as authorities pursue possible criminal conduct linked to his official position, with reports of 13 allegations including nomination bribery and employment-related favors.
• Bithumb sits under regulatory scrutiny for AML/KYC deficiencies, with historical penalties illustrating the intensifying compliance regime affecting major exchanges in Korea.
• Judicial action temporarily paused part of the regulator’s enforcement, signaling ongoing legal contest over the scope and severity of the penalties in a tightly watched sector.

Legal trajectory and investigative scope

Police have questioned Kim multiple times as they probe potential criminal conduct connected to the alleged misuse of his public position. The scope of the inquiry widened after reports that Kim, while serving on the National Assembly’s Political Affairs Committee—the body overseeing the nation’s financial regulator—consistently directed questions at Dunamu during proceedings. This has raised concerns about possible efforts to assist the company where his son was employed, and whether such conduct constitutes improper influence over regulatory outcomes or corporate opportunities.

Authorities have previously summoned executives from crypto exchanges for questioning in February and conducted a search and seizure at Bithumb’s headquarters and the Bithumb Financial Tower, according to coverage cited in reporting on the case. As the investigation continues, Kim was questioned again in April on 13 separate allegations, including nomination bribery, employment-related favors involving his son, and a purported request related to a university transfer. He has publicly expressed confidence that he will be cleared of wrongdoing, though no public closure has been announced.

Bithumb and regulatory action: a lens on compliance and enforcement

Bithumb has been under regulatory scrutiny for AML and compliance deficiencies. In March, financial regulators issued a fine of $24.5 million and ordered a six-month partial suspension, citing shortcomings in Know Your Customer and broader AML controls and imposing restrictions on onboarding new users as part of the penalty package. These actions highlight the regulator’s willingness to impose material sanctions on major exchanges to tighten governance and risk controls within the sector.

In late April, a South Korean court temporarily blocked the implementation of the suspension order after Bithumb challenged the regulator’s decision, pausing enforcement while legal proceedings continue. The judicial action illustrates the balance regulators seek to strike between enforcing compliance standards and allowing ongoing operations to proceed while disputes are resolved. Bithumb did not respond to Cointelegraph’s request for comment by publication.

Regulatory watch and governance implications for Korea’s crypto ecosystem

The case against Bithumb and the surrounding nepotism inquiry underscore the tightening regulatory environment in South Korea’s crypto markets. Authorities are increasingly tying governance practices, internal controls, and regulatory liaising to enforcement actions, signaling a broader push to align the industry with formal AML/KYC standards and licensing expectations. The developments come amid ongoing discussions about licensing regimes, the role of exchanges in consumer protection, and the solidity of corporate governance structures within fintechs and crypto firms linked to politically exposed individuals.

From a policy perspective, the episode reinforces the importance of robust independent oversight of both financial regulators and market participants. As Korea continues to refine its regulatory toolkit—reaffirming commitments to AML/KYC compliance, and tightening supervision of exchange onboarding and customer controls—institutions operating in the space should anticipate potential further action, additional inquiries, and heightened scrutiny of governance and hiring practices. The episode also intersects with broader global patterns in crypto regulation, where authorities are seeking clearer lines between political influence, corporate decision-making, and market access.

Closing perspective

As investigations unfold, the Bithumb case will likely influence how regulators assess hiring governance, conflicts of interest, and the integrity of licensing and oversight processes in Korea’s crypto sector. Watch for further summonses, potential charges, and any tightening of enforcement or regulatory guidance that could shape compliance expectations for exchanges and affiliated firms in the months ahead.

Bitcoin is flashing a curious mix of stress and accumulation as momentum indicators grind to historic lows while on-chain data shows steady purchasing across a broad spectrum of holders. With the daily and two-week RSI at unprecedented lows, analysts say the brewing combination could shore up a long-term buying thesis even as near-term volatility persists.

Over the past two months, wallets holding 1,000–10,000 BTC have added roughly 53,000 BTC, underscoring sustained demand among larger, non-retail investors. At the same time, smaller retail participants have been stepping up, supporting a broader-based accumulation narrative that several observers describe as the strongest signal for a secular BTC bid in years.

Key takeaways

• Bitcoin’s lowest readings ever on the two-week and daily RSI coincide with ongoing on-chain accumulation across multiple investor cohorts.
• Smaller holders are among the most active buyers, with the Accumulation Trend Score pointing to the highest activity among wallets under 0.1 BTC (0.78) and those in the 10–100 BTC range (0.71), according to Glassnode data via CryptoQuant.
• Over 60 days, large collectors in the 1,000–10,000 BTC band added 53,042 BTC, while mid-sized wallets (100–1,000 BTC) added 12,233 BTC and 10–100 BTC wallets added 1,283 BTC. In contrast, the largest address class (>10,000 BTC) reduced holdings by 39,840 BTC, and some 1–10 BTC addresses trimmed exposure.
• Analysts frame potential bottom zones using price-structure tools: a quarterly fair value gap (FVG) spanning roughly $56,800 to $44,600 could prove pivotal if downside pressure resumes.
• Long-term valuation signals from the CVDD method suggest a floor around $46,000, with a potential bottom in the $52,000–$59,000 range if the pattern repeats from prior cycle lows.

BTC accumulation grows across key cohorts

Prominent crypto strategist Michael van de Poppe underscored Bitcoin’s troubling momentum readings as a rare but potentially constructive setup for the patient investor. “The lowest Bitcoin read on the 2-Week RSI, and Daily RSI EVER. That’s the best thesis for accumulating and buying your Bitcoin,” van de Poppe said, noting that panic-driven selling could persist but may yield meaningful buying opportunities for long-horizon participants.

On-chain signals bolster the case for a broad-based accumulation narrative. Glassnode’s Accumulation Trend Score—arranged in part through CryptoQuant’s dashboard—highlights the strongest buying activity among smaller holders and select mid-sized investors. Wallets with less than 0.1 BTC carry a score of 0.78, the highest among tracked cohorts, while the 10–100 BTC cohort sits at 0.71, indicating consistent purchasing pressure spread across these groups.

Meanwhile, activity among larger holders presents a mixed picture. In the last 60 days, wallets holding between 1,000 and 10,000 BTC added 53,042 BTC—the largest increase observed across the cohorts. The 100–1,000 BTC band contributed another 12,233 BTC, and the 10–100 BTC tier added 1,283 BTC. This pattern suggests sustained demand from both notable non-whale actors and a broad swath of mid-sized holders.

Yet the largest entities pulled back. Addresses with more than 10,000 BTC reduced balances by 39,840 BTC in the same timeframe. The smaller 1–10 BTC group also trimmed exposure, painting a nuanced picture: whales below the top tier remain engaged, while larger holders weighed the current price action differently. Taken together, the data points to a mixed but constructive on-chain stance where non-whale and retail accumulation sits alongside selective whale activity.

Bottom prospects and price-structure signals

Beyond raw accumulation, market technicians are eyeing potential bottom zones through price-structure lenses. Titan of Crypto highlighted a quarterly fair value gap (FVG) that sits between roughly $56,800 and $44,600. An FVG marks a price region left with relatively sparse trading following sharp moves, which often serves as a magnet for price action as markets seek balance after volatility.

The quarterly chart framework also notes that Bitcoin has revisited similar imbalance regions after major cycles in 2011, 2013, 2017, and 2020 before forming a bottom. The latest gap, formed in 2024, remains unfilled and thus could play a critical role if the current correction resumes. In other words, the $56,800–$44,600 range stands out as a meaningful bracket to monitor as downside risk unfolds.

Adding to the valuation dialogue, Rafael, a co-founder of Glassnode, cited Bitcoin’s cumulative value days destroyed-to-price ratio (CVDD). The CVDD framework compares the market price to a cost-basis floor derived from coin-holding behavior, offering a long-horizon lens on fair value. The current CVDD standing sits near 0.73, a level that historically rises toward 1.0 near major cycle bottoms. If this dynamic plays out again, the CVDD would imply a potential bottom in the vicinity of $52,000–$59,000, with a floor around $46,000 anchored by the on-chain cost basis.

In sum, the combination of pronounced RSI weakness, broad on-chain accumulation, and structural price gaps provides a multi-faceted framework for identifying potential bottoming conditions. While there is no single signal guaranteeing a turnaround, the alignment of retail and mid-sized buyer activity with historically meaningful price imbalances and valuation anchors strengthens the case for a patient, cautious approach to BTC exposure in the near term.

What to watch next for BTC traders and investors

As markets digest the current mix of on-chain signals and macro cues, traders should monitor whether the current accumulation persists in the face of renewed volatility. If the FVG remains unfilled and the CVDD continues to approach prior bottom-like thresholds, the case for a structural trough could tighten. Conversely, a decisive break below the lower end of the FVG or a sustained divergence in on-chain activity could complicate the setup.

Investors may find value in watching how smaller and mid-sized holders respond to any renewed price weakness, as their current activity levels serve as a counterpoint to the behavior of the largest wallets. The coming weeks will be telling for whether the observed accumulation translates into sustained price support or whether macro headwinds will drive another leg lower.

Related coverage continues to track how macro flows, ETF activity, and exchange dynamics interplay with on-chain signals as Bitcoin navigates the current corrective phase.

Readers should stay attentive to further breakdowns of the accumulation data by cohort and to any shifts in the CVDD signal as new price data emerge—these elements will help frame possible routes for BTC in the months ahead.

Sources: Glassnode (Accumulation Trend Score), CryptoQuant dashboard, on-chain wallet data; statements and analyses from Michael van de Poppe; Titan of Crypto; Rafael (Glassnode co-founder) on X.