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1 December 2025 Under Review Crypto Microstructure

Are Whitepaper Claims Reflected in Market Structure? A Contamination-Aware Pipeline and a Power-Limited Null

Murad Farzulla

Version note · 25 September 2026

Research Square v2 was posted on 23 September 2026 and contains the June 2026 manuscript, subtitled “A Contamination-Aware Pipeline and a Power-Limited Null”. The September Financial Innovation revision, “An Auditable Non-Detection”, is in preparation and is not this public preprint. A later corrected public PDF is available here; each repository retains its own version history.

Download PDF Research Square v2 · DOI arXiv: 2601.20336 Zenodo SSRN GitHub

Summary

A contamination-aware study of whether claims made in cryptocurrency whitepapers correspond to observed market structure. The analysis combines corpus verification, NLP classification and factor comparisons. Non-detection is interpreted in light of the corpus, power and measurement limits; it does not establish that whitepaper claims and market structure are unrelated.

Suggested citation

Murad Farzulla (2025). Are Whitepaper Claims Reflected in Market Structure? A Contamination-Aware Pipeline and a Power-Limited Null. Dissensus Working Paper DAI-2508. DOI: 10.5281/zenodo.17772651

Methodology

NLP zero-shot classification Procrustes alignment Tucker congruence Contamination-aware corpus verification

Topics

Financial Markets Cryptocurrency Natural Language Processing