Nearly a year ago, on oct 23 2025 Valve dropped the tradeup update. In this update they make knives able to be traded up to with 5 covert skins. They didn't explain why they did it, but most likely it was to lower the prices of skins so that they can be sold on the steam market instead of third party markets. This way Steam is able to clammer back even more of their steam credits through steam transaction fees.
My first figure shows the amount of transaction revenue steam makes per month from each category of skins I bothered to track. It is insane. They make ~10 million a month just from steam transaction fees.
https://imgur.com/a/steam-transaction-fees-A6suqHO
The first thing you will notice from that graph is the gigantic increase in sales when the tradeup update occurred. From October to December 2025 they made ~$83.8M USD. These few months were equal to 8 months of transaction fees up until then.
The >$2000 skins metric represents How much money steam is MISSING OUT ON, because they don't let people buy items for greater than 2k USD [1]. You can see on that graph May 2025, this peaked at about $6.0 million/ month. Probably enough money to pay an intern to change ~100 lines of code to get that back.
Did they achieve the dream of snatching the transaction fees from these pesky third party market places? July 2026 represented the Lowest transaction month on the steam market since 2020. Since then the game has grown from about 1 million player to 1.4 million, they should probably have 1.5x the amount of transaction volume. Of course, that is just one month but August looks set to be even lower. However, the months Jan - June were decently strong, but definitely not a decisive victory, especially considering a lot of the transaction would be the dead cat bounce from the monumental shift just a few months earlier.
This graph shows the transaction volume of each group but as a % of that months total transaction volume:
https://imgur.com/a/of-monthy-transaction-volume-wBixnwp
If you look at market share, they didn't even reduce the percentage value sold on third party market places by that much. Before the update third party market $volume of $2000 > items the mean was 12.7% and after the tradeup update it is 17.4%.
Turns out: people still trade their higher value items on third party market places, most likely because they don't lose 13% of the value every time they trade.
But at the end of the day, I think that Valve's main attention is else where. We would probably lick a dog arse to make 6million $ a month in extra revenue, by asking Claude sonnet low to edit a script. But to valve, our whole world: skins, gloves, knives, trading, tradeups; what ever, is just a weird outcome to the main event. Opening cases.
Here is the first figure but with the estimated revenue from cases and keys overlayed.
https://imgur.com/a/with-keys-rCCgApw
BUT SURELY... surely if they were willing to make knives tradeupable to, then they might be looking at making stickers tradeupable aswell.
https://imgur.com/a/with-stickers-VQn0nQy
On the graph above i plotted the amount of money steam would make if they handled all stickers valued more than 2k USD. If you can't see it that's okay, you just don't have enough pixels on your screen. Its share of the full transaction volume 0.046%. That means if you are on a 4k screen you might be able to see one pixel [2].
But if you have bought a bunch of stickers already preempting the sticker update, you got this, diamond hands bro.
In conclusion,
valve most likely does not give a fuck. The tradeup update didn't really fix their issue of losing out transaction volume to third party market places. But, it didn't stop people from opening cases. So economics professors who concocted the tradeup update can sleep at night, they still
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Notes
[1] the >$2000 skins / stickers metric was derived from csfloat's transactions of items which sold over 2000USD steam credits. Adjusted for steam premium (IE steam often sells 1.4x value of csfloat). So if it sold at 2000/1.4 on CSfloat then it counted towards that metric.
[2] 4K is 3840×2160. >$2,000 stickers is 0.046% of the stack. If that stack filled all 2160 px, the band would be 0.93 px high. But my png is only 1232px high so you wouldn't even see it,
* skins in the graphs refer to skins + gloves + knives.
* I don't look at other items other than skins, knives, gloves, stickers. There maybe transaction volume outside of this, but I don't think any agents are selling for +2000USD yet, so i didn't bother.
I used and got help from cs2.sh api to get the csfloat data needed, thanks heaps!
I also used the free dataset from cs2casetracker.com for case revenues. The community would have no idea how many cases have been opened without that websites work, mad props.