You do realize that some are selling off their positions since they already profited and are now waiting for the next bottom to buy again. No matter how low the market goes, there will always be profiteers like these who take advantage of the situation.
Which is right, there's always opportunist who will buy and sell with profits, panic sellers are being played by those who knows how things works inside this business, the more panic sellers the more money will be played around, the downfall will give more opportunity for big whales to buy and hold for a while, creating both pumped and dumped whatever way they choose it will reflect to the market and bring more weak holders to burned out.