The reason why we see a massive sell-off is becaus

The reason why we see a massive sell-off is because a significant portion of the shareholders are not truly investors just individuals who took a gamble and do not understand how the game is played. Essentially they saw a get rich quick opportunity and took a chance and then when necessary measures are taken to position ourselves more advantageously, they don't understand the significance of the move, and cash in their chips. Investors hold on. Bettors good riddance.