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One of the most difficult days in the financial calendar has arrived. Quadruple witching, a quarterly event where trillions of dollars in derivatives disappear at once, is happening today, and crypto markets are already feeling the pressure.
What Is Quadruple Wiring?
Four times a year, on the third Friday of March, June, September, and December, four major types of derivatives expire on the same day: stock index futures, stock index options, single stock options, and single stock futures. Traders have to close, roll, or settle all positions at the same time, which leads to increased trading and price volatility often in financial markets.
This One Breaks Every Record
Today unemployment is not only increasing. According to Goldman Sachs, it is the largest ever recorded.
More than $7.1 trillion in outstanding options is expected to expire today, including nearly $5 trillion tied to the S&P 500 index alone and $880 billion tied to individual stocks. December decisions are usually the biggest of the year, but Goldman says this one eclipses all previous records.
To put it into perspective, options expiring today represent exposure equal to about 10.2% of the total market capitalization of the Russell 3000. This is not a quarterly trend. This is an unforgettable experience.
What History Says About Bitcoin on Magic Days
Crypto no longer works independently of traditional currencies. Bitcoin moves more and more along with the risk economy, meaning that volatility has a tendency to enter the digital markets.
The historical data for 2025 presents a similar picture. Bitcoin used to show volatility or underperformance during the magic four days only, followed by weakness in the days and weeks after that. In September of last year, the decline in power after witchcraft took Bitcoin from $ 177,000 to $ 108,000. In June, it moved to the same low just two days after the event.
At the time of writing, Bitcoin is holding around $69,800, with Ethereum at $2,134, XRP at $1.43, and Solana at $88.93. The stock market’s Fear and Greed Index is at 30, firmly in the fear sector.
Second Crypto Expiry Coming Next Week
Even today they passed, the market is not good. A separate investment of $13.5 billion in crypto derivatives is expected to end on Deribit on March 27, just one week away. The data set shows that traders are leaning towards volatility rather than strong bets, suggesting that the market is preparing for further turmoil rather than a healthy recovery.
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