Well, Hive power downs are also done, but I guess the net of that was inflow of money from Steem to Hive.
HBD is also hovering more at $1 now so there is less extra selling pressure from HBD conversions.
Big problem is the lack of powering up.
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And I guess ultimately the latter means more price instability! And I don't see how more liquid Hive doesn't create buy pressure!
Daily and monthly active user trends are looking very good though (from @arcange's stats posts).
I don't know how many of those are normal human users vs bot accounts, but if the network and sites become popular, demand for Hive Power will be an inevitability, even if we're not seeing so much of it now.
I've also calculated that less than 39% of Hive is currently liquid in non-DAO accounts. That's about normal for Steem/Hive's history - clearly there is demand for HP. Steem is currently at 40%.
Ok maybe that's not so bad then!