BItcoin may indeed be turning into a hedge against stock/FX/oil and option volatility, holding onto an average price of 18700. Despite it being of no value it may actually be a store of 'value' rather than a growth asset.

The following chart exposés the possibility that Bitcoin (BTC) has turned into a default hedge against volatility and/or currency weakness, by noting the OVX/Oil volatility index (yellow line) and the volatility S&P 500 option index  (white line).  Note the key event dates (call out notes) on VIX rises (blue vertical lines):

13th June 2022. U.S. markets enter bear market.  VIX hits 31.  BTC: 20470

10 October 2022.  Fed tackles imbedded inflation as a strong job report highlights the problem the Central Bank has with inflation.  Markets sell.  VIX hits 32.  BTC: 19110

14th November 2022.  The Crypto exchange/fund FTX collapses, stock markets come out relatively unscathed.  VIX rises to 23. BTC: 16530

Also note the OVX collapse, due primary to the massive oil release by the U.S. government from its Strategic Petroleum Reserves starting from March 2022 to date.

On an average basis BTC price traded within the last 5 months of 2022 volatility at 18703, considering that the 10 YR yield which adds to stock market and currency volatility as remained higher at over 3% of the same above time frame (separate pane (1) beneath the main chart).

Yet, also note the U.S. Dollar (separate pane (2) beneath the main chart) which has been battered down by the lack of guidance to the market by the Federal Reserve ala interest rate hikes and/or the market mispricing rate pause/cuts and pivot.  Which in turn makes BTC look attractive in hedging against USD instability. 

However, the question has to be asked if it is simply a store of 'value' rather than an actual growth asset?