Quadruple Witching Draws Attention to Potential Bitcoin Volatility

Quadruple witching falls on the third Friday of March, June, September and December, when stock-index futures, index options, single-stock options and single-stock futures expire simultaneously. Concentrated position closures, rollovers and hedging adjustments by institutional investors could amplify volatility in traditional markets and spill over into Bitcoin, which has become increasingly correlated with risk assets.

Several trillion dollars in derivatives are set to expire during the quarterly quadruple witching on March 20, 2026, compared with about $4.7 trillion in the corresponding March 2025 expiry. Volmex Finance CEO Cole Kennelly said the BVIV index had risen. Bitcoin was trading below $69,000 at the time, while another $13.5 billion in crypto options was due to expire on Deribit on March 27.