One-bit quantization has attracted considerable attention in signal processing for communications and sensing. The arcsine law is a useful relation often used to estimate the normalized covariance matrix of zero-mean stationary input signals when they are sampled by one-bit analog-to-digital converters (ADCs)—practically comparing the signals with a given threshold level. This relation, however, only considers a zero threshold which can cause a remarkable information loss. For the first time in the literature, this paper introduces an approach to extending the arcsine law to the case where one-bit ADCs apply time-varying thresholds. In particular, the proposed method is shown to accurately recover the variance and autocorrelation of the stationary signals of interest.