Meta-game is a complex and esoteric concept in the field of encryption, involving game theory and behavioral economics. It includes underlying mechanisms, behavioral changes, best response functions, and reflex loops. Metagames inspire narratives through catalysts, influence price movements, and form reflexive loops through behavioral changes among market participants. Metagames can be self-enhancing or self-defeating, affecting their duration and trading strategies. The article uses examples such as the ETH killer trade, Facebook’s rebranding to Meta, and BTC ETF flows to demonstrate how the metagame works and how investors can identify and exploit these games to gain value.