Narratives
We examine the ideas drawing interest across digital assets. The question is whether a narrative can reach a wider audience—and what that audience could look like.
Attention-based
investment research.
25er is an investment research firm focused on digital asset markets.
The value of the intangible.
Asset value is shaped by both measurable fundamentals and less tangible forces. Revenue, cash flows and network activity provide observable data. Attention, storytelling and narratives shape how investors interpret that data—and what they are willing to pay for future possibilities. These forces are much harder to price.
As AI makes quantitative analysis more accessible, we believe the most asymmetric opportunities will increasingly lie in what remains difficult to measure: how a narrative captures attention, builds conviction and spreads through a market.
We bring together social media research, on-chain data, intuition and deep analysis, examining individual digital assets from multiple perspectives within the wider market. We aim to identify emerging megatrends before they become the defining narratives of a cycle, and understand how attention moves through the assets they influence.
01 / Research
Understanding what moves a market.
Our starting point is attention: where it is gathering, how far it can travel, and how much of that journey has already happened.
Participation
We look at the distance between early interest and broad recognition. A conversation gaining reach and one already dominating the timeline are different opportunities.
Attention thresholds
We define the level of attention a thesis needs to reach. That threshold gives the trade a purpose, and a point at which the original edge is exhausted.
02 / Approach
An edge should have an end point.
We trade the gap between emerging attention and wider recognition. Our discipline is knowing when that work is done.
Defined attention threshold
EntryExit
- 01
Establish the thesis.
Assess whether a market can attract a defined level of attention. Enter while a meaningful gap remains between current interest and that threshold.
- 02
Act on the threshold.
When the attention objective is reached, the thesis has played out. Our exit follows the edge we identified, rather than a prediction of the ultimate peak.
- 03
Accept what comes after.
An asset can move much higher after an exit. We accept that trade-off. Capturing every possible upside is outside the scope of our process.