I'd have to imagine that given the fees involved, most of their clients are going to be long-term holders.
Their fees are much lower than the expecetd changes in BTC price.
If an investor believes that BTC may lose 10% of its value in the next year (or whatever time frame he cares for), then he would probably want to liquidate now. If I read correctly, the value already dropped from ~85$ to ~62$ over the last month.
So why not wait until it drops to ~$50 and then it really really confirms that the time is to sell?
The fact is that SM investors are professionals who know the principle of buy low & sell high, and they also take a long-term view: 2+ years. The current dip is nothing but noise in the long-term view.