Crypto Market Update: Quadruple Witching Event Contributes to Volatility

Bitcoin (BTC) was priced at US$70,149.38, down by 0.2 percent over the last 24 hours.

Significant crypto derivatives activity is occurring, with US$1.7 billion in Bitcoin options set to expire on Deribit, alongside US$5.7 trillion in stock index futures, stock index options, single-stock options and single-stock futures.

When these expirations occur at the same time it is called a quadruple witching event. These circumstances occur four times a year, on the third Friday of March, June, September and December, and can lead to increased market activity. Coupled with escalating geopolitical tensions, Bitcoin saw price volatility on Friday.

Ether (ETH) was priced at US$2,133.06, down by 0.5 percent over the last 24 hours.

Altcoin price update

• XRP (XRP) was priced at US$1.43, down by 0.8 percent over 24 hours.

• Solana (SOL) was trading at US$88.89, trading flat over 24 hours.

Today's crypto news to know

Morgan Stanley advances plans for spot Bitcoin ETF

Morgan Stanley (NYSE:MS) has filed a second amended S-1 for its proposed spot Bitcoin exchange-traded fund (ETF), detailing plans to raise US$1 million through the sale of 50,000 initial seed shares to its delegated sponsor ahead of listing on the NYSE Arca, with proceeds used to purchase Bitcoin for the fund.

According to the filing, Jane Street, Virtu Americas and Macquarie Capital are listed as authorized participants, allowing them to create or redeem large blocks of shares and profit from the arbitrage between the price of Bitcoin and the ETF’s share price. This will keep the ETF’s share price close to the value of Bitcoin.

Rania Gule, senior market analyst at XS.com, said the move indicates that digital assets are becoming a strategic institutional asset and a quasi-standard asset, marking a deep transformation in global financial markets.

TradFi-DeFi milestone

S&P Dow Jones Indices has licensed the S&P 500 to TradeXYZ, a platform linked to Unit’s Hyperliquid tokenization network, the index provider announced on Wednesday (March 18).

The move will enable the first official perpetual futures contract tracking the index on blockchain, allowing qualified investors to get leveraged access through a digital tool.

Mesh bolsters Canton Network

Crypto payments firm Mesh has joined the Canton Network as a super validator, or trusted operator, to enhance security for blockchains serving regulated finance. The move highlights links between tokenization and compliant payments, and blends traditional banking with blockchain. Mesh, which is fresh off a US$75 million funding round valuing it at US$1 billion, adds trust to Canton's institutional focus.

Visa enables AI payments

Visa Crypto Labs has launched a command-line tool that allows artificial intelligence (AI) bots to handle secure card payments independently, without needing special codes. It works with protocols from Coinbase and Stripe, speeding up a so-called agentic web where AI settles tiny tasks automatically.