Hmm I don't know if I buy it... Those flippers had a very small window before the stock dove under the offering price and cancelled out any profit. I'd have to review but I don't think there was enough volume during that window for the majority of the 10M to get dumped for profit. If that's the case they're selling for a loss which brings us back to "so who's buying it all?"
I'm of the opinion that the impact of flippers is overstated here. I think the collapse velocity, weak bounces, and threat of continued collapse would scare most away.