Outflow of Money from Steemit

First of all, I want to apologize to my followers for often publishing posts about statistics. I'm sure most of you aren't interested in them.

However, even when I imagine a professional artist or amateur blogger contributing to Steemit, I realize that they, like me, are interested in what is happening with the price of STEEM, what to expect in the future and what trends dominate.

In one of the previous publications, I already cited statistics that the price of STEEM strongly depends on the price of bitcoin. However, there is no full correlation between them, because STEEM is a separate cryptocurrency and there is a supply and demand for it, which form its price.

The economic model of Steemit is inflationary, ie more and more new Steem coins are entering the market. The authors of this project relied on the explosive growth of the platform, on its rapid promotion, which initially happened. If the platform continued to gain popularity, there would be more people wanting to have STEEM at a rate that would be much higher than the rate of inflation, ie the emergence of new coins. Under such conditions, the price of STEEM would rise sharply.

Currently, there is no such increase in the popularity of Steemit, and the inflation process continues. Therefore, there is no rapid rise in the price of STEEM.

But I deviated greatly from the topic of the post. In this post, I want to return to the monumental work @papi.mati, which analyzed the 1000 largest accounts and published its findings.

One of the main conclusions from this work was that there is now a massive Power Down, which will lead to mass sales of STEEM and falling its price.

I was very interested in this conclusion. In this article, I have already tried to find out if everything is really so bad. I analyzed how many STEEMs there were Power Down each month in 2021. It turned out that in November 2021 there was already a massive Power Down and its clear impact on the market could not be traced.

In order to finally determine whether something very bad awaits us, I decided to check the outflow of money from Steemit. To do this, I summed up the amount of STEEM and SBD that went to the accounts through which the withdrawal of money on the exchange is done. Let's see the results.

STEEM outflow:

SBD outflow:

Additionally, let's take a look at the most popular accounts through which money was withdrawn in 2021:

Conclusions

1. The first thing that catches your eye is the complete lack of correlation between the amount of STEEM, which is Power Down, and the outflow of STEEM on the stock exchange. Why? The best explanation was given by @xpilar. He noted that powerful accounts such as upvu and tipu have the biggest impact on the amount of STEEM that Power Down. These services regularly perform Power Down and then pay STEEM to their shareholders. Shareholders do not have to sell this STEEM. More often they use it for Power Up and then to delegate even more SP upvu and tipu.

2. It seems that the worst times are over and the outflow of money from Steemit is constantly decreasing. This gives grounds for cautious optimism. However, I still expect to see STEEM priced at $ 0.18 due to falling bitcoin prices.