...As a hedge against a falling Bitcoin that people would actually buy and incentivize people to use it, let me explain...
We already have cryptos that are tied to something else such as USDT, but it's only ever going to be worth a dollar, gold tokens will only be worth the gold they can be exchanged for, there's no possibility for cryptocurrency-like growth. This means that if you try to buy them to protect yourself when you think Bitcoin's about to drop, you can time it wrong and be left behind, never able to buy back in at the price point you left it.
But what about a crypto which is "mined" by Bitcoin falling? Meaning that when Bitcoin drops, coins are distributed to people who hold the coin in their wallets, meaning that people would want to buy the coin and transfer it to their wallets as Bitcoin was falling to get more and increase their stake, which would cause it to reliably be purchased on exchanges and see it's price rise when BTC falls.
It would have to be scarce to be valuable, and people would have to stake the coin as BTC is falling in their wallet, the rate at which your stake increases depends on how fast BTC is falling and how long you've staked it for, giving extra incentive to hodlers.
Once people got used to the idea, it could be the go-to coin for everyone when BTC is struggling. And unlike USDT it would have a strong possibility for future price increase so people would HODL.
The coin could be called Counterbalance or something so everyone knew what it was about.
If it was traded on exchanges it could give the entire market the stability it badly needs.