Is going long on Bitcoin and shorting BCH a good hedge in the near term?

The whales who were long on the ETH to Bitcoin exchange rate have given up and exited the market, and the ETH long positions are currently in a cooling-off period.

The retracement trend of Bitcoin is becoming very clear, and if we don't hedge something, the exposure is indeed huge.

The BCH, which has been a minor player in the Bitcoin ecosystem, can finally come into play.

STX could also be a hedge, but it has been relatively weak recently, with limited gains and significant retracements. It's not suitable for hedging anymore.

What other altcoins in the Bitcoin ecosystem can be hedged against Bitcoin? Recommendations are welcome.