Thanks for that interpretation. I had not spotted that more was going to the exchange than leaving. Nevertheless, despite this the price of steem was rising, which simply put, means more buyers than sellers.

The bad news here is rhat the rise in price was therefore not driven by steemit users wanting to own a vanity asset, but rather by speculators. Speculators can be very ficle when it comes to buying and selling. They are driven by their own psychology, in terms of trying to guess what the next guy will do. This can turn into Lemming-like behaviour. That could go either way.