Question: Why do thyroid levels drop on a low-carb diet?
So insulin and leptin are both positive regulators of thyroid hormone, production, and conversion. And generally I do think there's probably a larger effect from thyroid production than peripheral conversion. I'm not too sure about that, but insulin does directly regulate thyroid. It has TSH-like effects on the thyroid gland. It doesn't replicate all of TSH's effects, but it does replicate a portion of them. So basically, more or less, have like TSH amplification with insulin.
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DISCLAIMER: I have a PhD in Nutritional Sciences and my expertise is in performing and evaluating nutritional research. I am not a medical doctor and nothing herein is medical advice.