I'm one of those users who keeps on cashing out their earnings regardless of the price.

Someone needs to convert that HBD from DHF to cover their project's costs. It doesn't matter if the data shows that a lot of the Hive inflation was due to HBD conversions to Hive or that DHF funding had more impact to the inflation.

Even if these projects cost the blockchain 1k HBD per day and go nuts sending the Hive to exchanges, it's still going to be those small users that cash out 200$ USD worth of Hive earned in a span of months that are at fault here because why not?