Core judgment: BTC has shown a clear short-term recovery, but the trend is not yet confirmed. Current BTC is around $63,711, with a 24-hour range of $61,668–$63,853, up approximately +3.0% from the previous close; ETH is around $1,625. MSTR is about $93.89, basically flat, while QQQ is around $723.28, +1.62%. This indicates that improved risk asset sentiment and a pullback in oil prices have helped BTC rebound, but the $64k–$65k range remains a key confirmation zone. At the same time, ETF inflows on July 8 and July 9 were consistently weak, limiting the quality of momentum chasing.