Bitcoin will be the first to rebund after central banks' helicopter money arrives. But as evidenced this time, in a crisis time, people still runs to their fiat money, this indicated that majority of people still do not understand why bitcoin is better than fiat money
Another reason is that almost everything's value is labled with fiat money, if something is purely labled in cryptocurrency, then things might be different
This ^^^
I think the case can still be made that BTC is a hedge against inflation and money printing and NOT so much a hedge against stocks, etc.
Mike Maloney points out in his latest video how Gold fell with all markets back in 2008, but then decoupled and outperformed stocks through the following few year. Given that this crash and government overreaction seems to already be much worse, it's likely that metals and cryptos will massively benefit once all that newly printed fiat is circulated. I'm not sure what the lag time will be though.