> 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/ja/fur-2/grayscale-bitcoin-trust-gbtc/market-premium.md).

# GBTCプレミアム/ディスカウント

市場価格(GBTC)と固有資産価値(BTC)の差の割合。プレミアムが高いほど、米国の強気相場を示します。

## 定義

市場価格(GBTC)と純資産価値(BTC)の差の割合

$$
プレミアム = (GBTC価格 - 1株あたりBTC × BTC価格) / 1株あたりBTC × BTC価格
$$

## 解釈

プレミアムが高いほど、米国市場が強気であることを示し、値下がりリスクを意味します。一方、プレミアムが低いほど、市場が弱気であることを示しており、値上がりの可能性を示唆しています

## データへのリンク

* [CryptoQuantライブチャートのグレースケール・ビットコイン・トラスト(GBTC)](https://cryptoquant.com/overview?search=GBTC)
* [CryptoQuant Data APIドキュメントのグレースケール・ビットコイン・トラスト（GBTC）](https://cryptoquant.com/docs#tag/BTC-Fund-Data)


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