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.
RE: Available HIVE Supply! What Is It? Inflating Faster Than the Regular Supply!?