Do the functional purposes articulated in cryptocurrency whitepapers correspond to how markets actually price these assets? We propose a three-stage framework combining NLP with market characterization to test narrative-market alignment. A pilot on 8 cryptocurrencies yields overall congruence of 0.719 (95% CI: [0.623, 0.953]).
@misc{farzulla2025whitepaperfactoranalysis,
author = {Farzulla, Murad},
title = {Do Whitepaper Claims Predict Market Behavior? Evidence from Cryptocurrency Factor Analysis},
year = {2025},
howpublished = {Farzulla Research Working Paper DAI-2508},
doi = {10.2139/ssrn.5918302},
url = {https://farzulla.org/papers/whitepaper-factor-analysis}
}