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Valve Shakes Up CS2 Skin Market, Causing Billions in Losses
23 Oct
Summary
- Prices of rare CS2 skins crashed up to 70% after Valve update
- Valve allowed exchange of 5 inexpensive items for ultra-rare knives
- Estimated $2 billion overnight losses in the $6 billion CS2 skin market
On October 24th, 2025, the prices of rare digital collectibles linked to the popular game Counter-Strike 2 (CS2) crashed by up to 70% after the game's developer, Valve Corporation, pushed a surprising update.
Specifically, the prices of some of the game's most expensive "skins" (in-game items), such as gloves and knives, plummeted on secondary marketplaces when Valve decided to allow the exchange of five relatively inexpensive "Covert items" for ultra-rare knives. The update also enabled players to exchange StatTrak Covert items for StatTrak knives.
Prior to the update, some of the rarest CS2 knives were reselling for over $20,000, with the world's rarest knife allegedly worth over $1 million. However, the new conversion rates introduced by Valve have significantly impacted the resale value of these highly sought-after items.
Pricempire, a market research firm, estimated that the overnight mark-to-market losses in the CS2 skin market amounted to approximately $2 billion, dropping from $6 billion to around $4 billion. This dramatic shift has sparked outrage and complaints from the game's community on various social media platforms.
