# GBTC溢价或折扣

## 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)