I think there could be some correlation but its not a good indication though. We all know that crypto market is based on news, and maybe this is the main reason why we see sudden surge on price when the projects behind released new wallet softwares. Again, it just a news that could bring hype but unfortunately it won't be a sustainable run.
But as far as bitcoin wallet goes, I don't think there's no correlation. Electrum just release their 4.0.1 upgrades with support for Lightning, but it didn't have a dent on the price. Perhaps correlation as just for the altcoin market alone.
Bitcoin market wont just easily react into that recent Electrum upgrade basing of that there were several wallets if we do talk in Bitcoin storage unlike on alts which do have only their own wallet based on platform.
I agree that this market is highly reactive when it comes to news or some sort which it isnt really bad for a trader or investor to consider on making out steps in the times like these.Its up to your choice though if you decide
to get in when possible news is coming out neither it would dump the price or would most likely to hype or would just standstill. Its a matter of choice for you to take on.