I've been trading the range with a little arbitrage buffer from poloniex to bittrex.

There's certainly someone loading up on Bittrex though to make the transfers. Thanks for this post, I realised the SBD push up was due to the price feed changes. Thanks for the quant data :)

I think once the SBD gets to an equilibrium close to $1 it will be more valued and more likely to be held and actually used for commerce. That combined with liquid steem increasing... might be the fundamental drivers to shift Steem power demand up.