The Block research shows that in the past three interest rate cuts, Bitcoin's performance indicates that it is not a safe-haven asset. In 2019, the Federal Reserve cut interest rates three times, currently 175 basis points. The study found that during these three interest rate cuts, the price of Bitcoin did not pick up significantly. In contrast, their lagging median returns at 1 week, 1 month, and 3 months were -5.0%, -20.9%, and -11.0%, respectively. The Block's analysis shows that the rate cut has nothing to do with the price of Bitcoin. Therefore, it is unlikely to rise during the next rate cut.