I'm not sure I follow your argument.

The fact that HBD holders converted $1.2 million HBD to HIVE in the current dip proves that using HIVE to guarantee the HBD puts a downward pressure on HIVE.

Isn't this instead an internal demand for liquid HIVE, which sustains prices? And then there's the whole HBD stabilizer project which has in incentive to buy and sell at a loss just to maintain that market HBD price.

I'm in HIVE HODL mode, and I sold HBD for HIVE because I want to hold more HIVE. This is demand, not downward pressure.