It's not being sent to @null, but the instant conversion when Hive is transferred to @hive.fund effectively removes Hive from the supply. It is replaced by virtual Hive behind the newly created HBD.
If the price of Hive rises as a result of the buying pressure, that virtual Hive will also be reduced.
What I am measuring here is simply current supply of Hive, excluding the virtual hive.
RE: Based on current inflation rates, where Steem is adding ~62,000 new St ...