Overview
- Multiple trackers report the market cap plunging from roughly $6 billion to between about $3 billion and $4.2 billion within 24–48 hours.
- Covert-tier skins jumped as demand for crafting fuel spiked, while many knives and gloves lost 20% to 70% in a day.
- Knives and gloves created through the new trade-up contracts are currently untradable on Steam, slowing how quickly new supply reaches public listings.
- Players, streamers, and traders shared accounts of steep losses and opportunistic gains, while claims of insider trading and self-harm remain unverified.
- Outcomes remain uncertain; CSFloat models suggest even a worst case would only roughly double knife and glove supply, and some commentary speculates Valve aims to pull trading toward fee-bearing Steam sales.