The percent difference between the market price(GBTC) and native asset value(BTC). Higher the premium indicates the U.S. bull market.

# 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.