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The odds are such that you will need to open hundreds of cases in order to have a slight chance of getting a knife. This will cost much more than the few hundred bucks you see for the cost of the knives.
There is a reason these knives cost so much - they are exceedingly rare and cost a LOT MORE money to open.
Mil-spec: 79.92%
Restricted: 15.98%
Classified: 3.2%
Covert: 0.64%
Knife/Glove: 0.26%
Chance to get one from each rarity after 250 cases:
Formular: 1 - ( ( 1 - x ) ^ y )
-> x = Chance and Y = Number of tries
Mil-spec: 100%
Restricted: 99,999999999999999988%
Classified: 99,97%
Covert: 79.9%
Knife/Glove: 47,8%
As you can see yourself it's likely to get a covert skin after 250 cases, but still unlikely to get a knife/glove.
Either way. Opening cases isn't worth it.
Chance of getting knife from Bitskins by buying with cash: 100%
Opening case - $2.52 (includes case and key)
Chance of getting knife from case when opening a case: 0.26% or 1/400
In other words, if you buy from bitskins, you only have to spend the equivalent of 20 keys to get a cheap knife.