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.
One of the things also with the price of BIT is that they used to take the price from various sources, but it included Mt Gox pricing. As soon as they stopped using Gox pricing in their formula the price dropped significantly, artificially, as well as the market drop.