It probably doesn't account for all of it, but the amount of Steem produced by power downs will increase each week all else being equal. The conversion rate will change, such the the equal share of vests will produce more Steem... So even if user behavior remains exactly the same, the amount of Steem sent to the exchanges from those transactions will continue to increase.
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Yeah, that's a good point. I've been thinking about analyzing that more, specifically the change in the ratio
1M VESTS = 341.358 STEEM. That number isn't doubling or tripling each week, though, so we're still seeing an increase in activity and we haven't hit the equilibrium amount yet. Also, if the price of Steem drops to compensate for the inflation, the USD amount of STEEM would be constant week to week. Since the USD here also lumps in SBD amounts, that gets a little trickier though.