Rate cuts are a net positive for stocks because they imply liquidity injections into businesses, due to banks having more excess capital. That increases market confidence.

However in theory, rate cuts should also represent a net positive for any investment asset (including BTC) because some of that injected capital will trickle into other markets. The USD has been devalued by 20% since Bitcoin was launched. That printed money is being spread all throughout the global economy. It's impossible to know exactly how much would trickle into the BTC markets, but I think we can assume it's a non-zero amount.