selling at a loss is not a strategy but rather forced, maybe they think the price of the token has fallen too deep, so they are forced to sell it actually they still have a chance to hold it but still have the risk the price will not rise, to avoid it they sell it and try to recover it if possible .
I know that the bounty token does not cost money to get it but still it's worth it because you work to get it.
Actually if you think deeper you are not losing money compared to those who have invested.
When we joined in bounty campaign and we know the market situation is not good, we can already expect the price if the coins will be listed in exchange.
90% of more, the coins will drop below its IEO or ICO price and therefore we should decide whether we will sell it or not and of course we can do it if we think that the price somehow satisfy us, as the payment of our effort promoting the project.