We all know Hedging and stop loss order are two risk management strategies, Hedging reduces potential losses or gains by creating a counterbalance investment, while Stop loss order automatically sells a specified of Bitcoin when the value or price falls to a certain level set by the trader, which is designed to limit potential loss just incase the market goes against the trader.

But even when both of them are risk management strategies there is also a time to use them respectively,

For Hedging: hedging can be used when a particular position needs to be maintained with a reduced level of risk incase of a predicted market fluctuation. while stop loss can be used just incase the market  moves against your current position or your inability to monitor a trade,
The only key difference between them is that Hedging requires creating new position to counter risk, Hedging also aims at reducing risk associated with that trade, while stop loss closes an existing trade and in that process limiting losses.

Hedging is a better risk management strategy when it comes to managing long term risk,  and also reducing overall portfolio risks,
Stop loss order is also idea for limiting short term losses,  and automation of trades.

So both are effective and the choice of any of them depends on your investment goals, market conditions and risk tolerance.