How to explain no return offer?

TLDR: Probably no return offer since the firm might be unsure about whether or not they need another FT hire. How can I explain this in future interviews if I in fact do not get a return?

Full context:

Currently in my last week of a buyside summer internship and in a unique situation. For context, this internship historically did not interns into full time hires besides from 2-3 occasions, which were exceptions rather than the rule. Before I signed the offer, I was told there would be an opportunity to convert when a position opens up and they dangled the idea. Low and behold, a position opened up since someone higher up retired and existing senior staff members were promoted internally. 

That was what I thought until I saw a job posting back in the spring, way before I even began this internship, for that said opening. That posting was then taken down after a couple of weeks and to my knowledge they have not hired anyone yet. I never had a formal mid-internship review, but I think I've generally made a positive impression.

This is a unique situation because I didn't want to ask directly about whether or not they're hiring or if they're hiring but only looking for external/experienced candidates, as I don't want to make the dynamic awkward. I also happened to see a meeting about hiring a new analyst on a FT employee's calendar a while ago.

I probably won't hear anything back until the last day of my internship (this Friday), I want to remain optimistic, but I still hedged my bets by networking with other places throughout the summer just because I don't want to end up jobless. How can I explain this in future interviews without jeopardizing my chances? I know the "why no return offer" question will definitely come up.

Thanks for listening to my ted talk lmao I'm getting very paranoid :/