I think there is just a bit of a race to lock in some gains for those that have powered down. I'm sure there will be a time when they power up some of the powered down funds especially when there is a perceived profit on a dip like the one we have been experiencing. Also there are many that do not power up and cash out of their SBD which takes money out of the Steemit ecosystem. This can only work if the ebb and flow is equalized long term. Currently, it's almost 4:1 in the outflow favor.