I posted a detailed data on conversions just recently:

A lot of the conversions are made by trading bots that operate on the internal market, providing liquidity for users selling HBD. Also you can see some DHF workers doing the conversions themselfs...

@dalz/hive-to-hbd-conversions-and-the-opposite-or-hive-creation-reaches-new-record-levels-or-july-2026