> ## Documentation Index
> Fetch the complete documentation index at: https://docs.cryptoquant.com/llms.txt
> Use this file to discover all available pages before exploring further.

# ETHE Premium or Discount

> The percent difference between the ETHE market price and the value of the ETH it represents — a high premium signals U.S. bullishness, a discount signals bearishness.

## What is ETHE Premium or Discount?

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

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

## How to interpret ETHE Premium or Discount

**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)

## Related API Endpoints

Query this metric directly from the CryptoQuant Data API:

* **ETH** — [Market Premium](/api-reference/eth-fund-data/market-premium)