Here is the monthly chart starting from 2016, for net HIVE created/burned.
Prior to July 2021 there was only one way conversions, HBD to HIVE. We can see that in this period to this the conversions were only positive. Creating HIVE only. In the last year we can see that there is months with net negative HIVE conversions. August and September 2021 are dominant in the chart with around 14M net HIVE converted to HBD. The last two months, July and August 2022 are also net negative.
If we zoom into the period when the two ways for conversions are possible from July 2021 to August 2022 we get this.
The overall effect from the conversions in this period is -8.6M HIVE
A year and one month into this and we are overall negative.
2022 alone, where there is a full swing bear market, conversions are overall in positive with 7M more HIVE added. Most of the HIVE generated from conversions happened in 2019 and 2020 where there is more than 20M HIVE per year created.
Note that the @hbdstabilizer work is included in the above and the HIVE that is sent to the DHF. That's why in April and May 2021 we have net negative conversions even without the HIVE to HBD conversions enabled. In that period the price of HBD increased and the stabilizer was buying a lot of HIVE and sending it to the DHF.
