Investors are preparing for the expiration of approximately $6.5 trillion in notional U.S. equity options on Friday, June 20, 2025. This event, identified as a "triple witching" day, involves the simultaneous expiration of stock index futures, stock index options, stock options, and single stock futures. Goldman Sachs estimates that over $5.9 trillion of these options will expire, including $4.0 trillion in S&P 500 (SPX) options and about $925 billion in single stock options. The notional value of expiring options represents around 9.6% of the Russell 3000 market capitalization, marking the largest June expiration since 2017 and potentially the biggest triple witching event on record. Market analysts expect this expiration to increase volatility and lead to wider price swings in stocks, as the expiration reduces dealer gamma and allows for more freedom in price discovery. The subdued market movements observed in recent weeks are attributed to the buildup to this expiration event. Additionally, $5.7 billion worth of Bitcoin and Ethereum options expired on July 18, 2025, alongside $2.8 trillion in other options, including approximately $1.5 trillion tied to the S&P 500 and $660 billion linked to single-stock options, with many S&P 500 strike prices clustered around the 6,000 level. This pattern of large options expirations has been associated with shifts in market trends and increased volatility.