The Counter-Strike 2 (CS2) skin market has just experienced one of its most dramatic crashes. Valve’s October 2025 update introduced a new crafting system that lets players trade five Covert (red rarity) weapon skins for a knife or gloves, cosmetics previously seen as ultra-rare. This update has caused a near $2 billion wipeout in market value in under 24 hours, shaking the entire CS2 trading community.
What Triggered the Crash?
Traditionally, knives and gloves were among the rarest, most valuable skins, often fetching thousands even millions of dollars. Now, this update has simplified crafting these coveted items, making them far more accessible to the average player.
According to PriceEmpire, the market cap plummeted from over $6 billion pre-update to around $4.25 billion shortly after, a drop of roughly 30% overnight. This flooding of the market has caused knife and glove prices to plummet by as much as 70%. For example, some premium knives drastically dropped from $14,000 to $7,000, and others lost tens of thousands in value in hours.
How to Check Your Skins’ Values
If you want to know where your collection stands after the crash, here’s how:
- Steam Community Market: Check market prices directly from your inventory. Remember prices include a 15% Steam fee, so they may appear a bit high.
- a-Party Sites: There are several third-party platforms that track skin prices across multiple marketplaces and provide up-to-date market insights. They also include features like real-cash value estimations, price history charts, and inventory evaluation tools that help users understand the true worth of their collections.
- Instant Cashout Sites: Instant cashout platforms let users quickly convert their in-game skins into real money. The payout rates usually range between 80% to 90% of the market value, depending on how popular or liquid the items are at that moment.
Community Reactions and Market Impact
The update sparked a divided community response. Many expressed frustration and uncertainty, wondering if prices will ever rebound. Meanwhile, some traders see opportunity, snapping up undervalued assets in hopes of a market bounce back.
This update is being called a market “reset,” with the influx of knives and gloves drastically diluting their rarity and value. But the surge in demand for Covert skins—the new crafting ingredients—has driven their prices up, some spiking over 60%. The market is in flux as players adjust strategies and portfolios.
Staying Calm Amid Chaos: What the CS2 Market Update Means for Traders
Patience is key. Experts advise against panic selling as the market may still stabilize or even recover over time. Monitoring prices daily across multiple sites and staying in touch with community sentiment is essential. This crafting update reshaped the CS2 economy overnight, reminding us all that rarity and value in digital assets can shift rapidly. For collectors and traders, understanding these trends and acting thoughtfully will be crucial to navigating this new landscape.
In the end, while the CS2 skin market crash feels brutal now, it’s still an evolving story with potential for new opportunities for savvy players willing to stay informed and play the long game.