Really interesting breakdown. I didn’t realize how much the stabilizer has influenced the net conversions over the years. The point about most of the HIVE burns happening in 2021 when HBD was trading above $1 makes a lot of sense, and it shows how much market conditions drive these shifts. The steady DHF conversions also seem like a quiet but important factor in the background. Thanks for putting all the numbers and charts together, it makes the whole picture much clearer.
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