Buying a beta of an onchain play rarely ends well. The only time it works is during the initial run-up when the alpha is moving fast and the crowd hasn’t figured out why. In that moment, people scramble for exposure and settle for whatever feels adjacent. That’s when beta bids make sense.

But once the reason behind the alpha is understood, the opportunity fades. Coming back to the beta later is almost always a worse trade - liquidity thins, attention shifts, and it turns into a slower, messier PvP game with little edge.