Bitcoin SHOULD act as a hedge because of what it is exactly.

But that requires people to think of it more accurately.  People do not see it as a mathematically perfect asset with an exact known issuance and a hard cap.  It is hard for people to see that because it has never actually existed before.

Also, the casino nature of the "crypto" market, leads to great volitility and the association of Bitcoin as a "tech product" has it firmly in step with the Nasdaq chart at times.

One other thing.  For better or worse Satoshi invented an asset that has no controllers or mechanisms to damp the value spikes and dips.  When a poorly designed DeFi scam uses bitcoin as it's reserve asset, and eventually goes broke, then they have to sell those bitcoin into the market.  And there is no governance that can add or remove BTC from the system so the shocks are felt as they truly are, rather than having the illusion of stability.

Eventually we will see people start to use Bitcoin as a safe haven... a base asset.  Will that be during THIS crash?  Or the next one in 8-20 years (or whatever... who knows?)?  That, I think, is the tricky bit...