> 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/zh/fund-data/grayscale-bitcoin-trust-gbtc/market-premium.md).

# GBTC溢价或折扣

市场价格（GBTC）与原生资产价值（比特币）之间差值的百分比。溢价越高越说明美国的比特币市场正处于牛市。

## Definition

The percent difference between the market price(GBTC) and native asset value(BTC).

$$
\text{Premium} = \frac{\text{GBTC price} - \text{Bitcoin per share \* Bitcoin price}}{\text{Bitcoin per share \* Bitcoin price}}
$$

## Interpretation

Higher the premium indicates the U.S. bullish market, which also indicates downside risk. On the other hand, the lower premium indicates market bearish, which also indicates the upside risk.

## Link to Our Data

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


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