Being that it's a feeless blockchain hive was converted to HBD with zero fee or profit to the value of hive.
You pay a 5% fee to convert HIVE to HBD. (If you are not buying it from the market.)
HBD doesn't contribute much to Hive's inflation it is only around 2-3% while other sources create an 8% inflation for Hive.
The biggest issue I am seeing is that a ton of hive is getting powered down and those powered down hive is leaving the platform. (They are not getting powered down to get into HBD. At least most of it isn't.)
Last 3 months seen at least -1m stake every month. (Source: Arcange's HIVE Financial Stats)
And one important metric would be who is selling HBD and HIVE. Is it people who are putting HBD into savings, or people who are getting paid in HBD through proposals and writing content.
It is important to determine where this money outflow in the platform is coming from.
It comes from accounts voting rewards to accounts that dump.
This is the only source of hive that isn't first bought.