> For the complete documentation index, see [llms.txt](https://userguide.cryptoquant.com/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://userguide.cryptoquant.com/cryptoquant-metrics/fund-premium/grayscale-ethereum-trust-ethe/ethe-premium-or-discount.md).

# ETHE Premium or Discount

## Definition

The percent difference between the market price(ETHE) and native asset value(ETH).

$$
\text{Premium} = \frac{\text{ETHE price} - \text{Ethereum per share \* Ethereum price}}{\text{Ethereum per share \* Ethereum price}}
$$

## Interpretation

**High** premium: It indicates the **U.S. bullish market** toward ETH, which also indicates downside risk.

**Low** premium: It indicates the **U.S. bearish market** toward ETH**,** which also indicates the upside risk.

## Link to Our Data

* [Grayscale Ethereum Trust (ETHE) in CryptoQuant Live Chart](https://cryptoquant.com/overview?search=ETHE)
* [Grayscale Ethereum Trust (ETHE) in CryptoQuant Data API docs](https://cryptoquant.com/docs#tag/ETH-Fund-Data)


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