Hi !
I try to makes hashtag parsing working on the activity streams ( recent and profile) but cannot. What I know :
Parsing is working for links and mentions
The hashtag parsing toggle is activated for all activity streams
I tried on your demo site, it is working
I tried with Cassiopea template it is not working ( i deduce it is not a template issue)
I tried to unpublish many plugins to check if any conflict without success
