The simplest explanation is that there is a lot of selling

The simplest explanation is that there is a lot of selling into the bid and weak bid support.

However, it is not this simple, but I cannot figure out what is actually happening.

NITE has been on the ask the whole day and the last sell into the bid, NITE threw 21.6 million on the ask at 0.0004 for about 30 seconds and then removed that size to put 609k.  Also, prior to the last sell, NITE moved their bid down to 3 so they didn't end up buying any of the 4's that were sold.  NITE is looking like a very shady MM right now.

Current bid/ask

0.0003 x 0.0004

Current bid size/ask size

8,149,999 x 5,109,990