Counter-Strike 2’s historic market crash may still plunge to new depths yet

Yes, the Counter-Strike market is in freefall. We all know it. The CS2 market cap is down almost $3 billion (down from the already staggering $2 billion yesterday) and those holding Counter-Strike’s most valuable skins are left panicked about the current state of *everything.* But I have some bad news: we’re not even close to the bottom yet.

China holds the key to further Counter-Strike market crash

We’ve already seen the prices of CS2 knives and gloves plummet on the most popular markets such as Steam, Skinport, and CSFloat. It’s bad, but even those prices represent an inflated value of where they’re going to go in the coming weeks.

Why? China. Buff163 is a marketplace that only those with a Chinese bank account can access, and it typically sets the trends for CS2 skin prices in the long term. Today, Buff163 prices have plummeted through the floor in a way that is not yet reflected by the wider CS2 market crash. Let’s take a look at some random examples (all prices via csgoskins.gg).

Falchion Knife Gamma Doppler (FN) Lowest Prices

• Buff163: $140
• CSFloat: $230
• Steam: $300

Karambit Marble Fade (FN) Lowest Prices

• Buff163: $650
• CSFloat: $1,000
• Steam: $975

Skelton Knife Fade (FN) Lowest Prices

• Buff163: $350
• CSFloat: $570
• Steam: $655

There is a clear price disparity between the popular Chinese marketplace and the others used globally. Yet, prices haven’t caught up. But confidence is gone – Valve has shown nothing is off the table in its closed virtual economy, and Counter-Strike skins are no longer a safe investment. That’s why big Chinese investors are cashing out right now. Will they return in the future? Who knows, but this new world of volatility means that they’ve decided it’s time to leave. And with so many skins now entering the market from their Storage Unit slumber, these prices will eventually be reflected in western marketplaces, too. Strap in – it’s going to be bumpy.

The Counter-Strike market might feel like a race to the bottom right now, but believe me, we’re just getting started. Remember, the new knife and glove skins that are being crafted using Covert items are (mostly) yet to even enter the market. You can trade them immediately if using five non-trade-locked Coverts, but most doing these trade ups will be purchasing their items from the Steam Marketplace. This instantly means you can’t sell or swap your crafted item for the duration of the seven-day trade lock. Essentially, when the bulk of these items enter the Counter-Strike market from October 30th, things are going to get really, really messy.