Bitcoin could have become the market hedge already hadn't it been so volatile in nature. Practically, stable products/services that directs the market are called market hedge. Hopefully, if SEC sanctions Bitcoin ETF, then BTC will reach a stable state and then there will be chance for it to become the market hedge.
These is either a good news for Bitcoin to be consider fro possible Market Hedge, one should note the possible good market potential that could bring as to add the stability and dominance on the market by Bitcoin, it will bring more new potential investors into the market, and will never know what will be the effect on the price value of Bitcoin in the market.