The premium came down 20 percentage points yesterday. Some part of that could be due to my continuing efforts to spread the word about the zero-premium alternatives. As the word spreads, I think the premium will come down further. And I don't find it TOO risky because I am long a basket of crypto; in fact since I am NET long (long basket exceeds short GBTC), the greater risk to me is that Ethereum et al continue to go down.
Premium has been nearly zero in the past bearish stretches, it is just how GBTC prices. The premium is created when demand is highest, which is during bull runs. A good strategy is buying GBTC whenever premium is less than 15% and selling whenever it goes over 85% premium. Rinse and repeat.