There is a wave of power downs that started at the beginning of April, when hive price was kicking off. Those power downs were quite rational, IMO, it makes sense in a bull market to become liquid.
Those power downs were enough to balance the effect of hbdstabilizer on the supply of liquid Hive. The stabilizer is largely inactive now, so it's just the power downs expanding liquid supply now (conversions are still pretty minimal).
There's 5 weeks until they are all completed. It will be interesting to see what happens to liquid supply after that. The largest factor will be HBD price, which we really can't predict, but it tends to go lower than $1 in a bear market.
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