In 2021 between August and September, about 30 million Hive were removed from circulation via Hive to HBD conversions. Most of it was converted back to Hive in the following months but at a higher feed price. For this reason, the subsequent HBD to Hive conversions netted less of it placed in circulation than what was used to convert from Hive to HBD.
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I recall that this was also because Splinterlands was burning a bunch of HIVE to create accounts. I remember checking that live on hivetrending sites.
That also contributed. Not as much as the Hive to HBD conversions, but it was part of it.