Not sure do I fully understand your point, bit have in mind that hive to hbd conversions are at the feed price that is 3.5 days average. A short term pump, wont give you expensive hive for conversions. Plus while hive is still small, its not quite a micro cap... you need a significant funds to move it... more risk etc
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I'll explain it in a post more in detail; what do you think started on August 2021 here? In a matter of weeks 16M HBD was transferred to Upbit
It was the first major pump for hbd after the hive to hbd conversions were introduced in hf in july 2021. Speculators pumped hbd, users converted hive to hbd and arbitradge it