This analysis doesn't take account of the millions of liquid HIVE currently not staked in the DAO.
Those millions are likely much less than we think, but we don't know exactly by how much since nobody seems to know what amount is staked in the secondary tokens like those from LeoFinance, Splinterlands, dCity, etc.
RE: December 2020 Hive Power Distribution Trends - the continued slow death of Hive?