What is happening is a large sell order is placed on the bid, and the mm gives a partial fill. The old bid then becomes the new ask, and the remainder of that sell order sits there until it's gone or changed. If it was a 100k sell order, and they only filled 10k on the first partial, it will only show a 10k sell. Then as the rest of the order is filled on the ask it will show as buys, but in reality it was just completing the original sell. If they sold another 50k on the ask before someone else cut in below them, you would have sold 60k, and 10k would show as sells and 50k would show as buys. The price is dropping because there is more selling interest than buy interest.
I see ST is really in panic mode about now...
