Yes it is absolutley corelated with the bear market and the speculators on Upbit, that is the only exchange listing HBD.
As mentioned in the post, the hbd supply on that exchange dropped from 9M to 1M in 2022.
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Bittrex also has a HBD-BTC pairing:
https://bittrex.com/trade/hbd-btc
Although the volume is so small it's not worth mentioning. I am filled with regret.
Yes Bittrex is almost non exsisting now
So bear markets are good for HBD and bull markets are good for Hive. Did we just invent perpetual motion on the blockchain over here?
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Yes, you just need to know what to hold and when ;)