The primary reason is the diluted shares that are being dumped by the lenders. They want money, not stock, and they dump the shares to recover what they can. They also get impatient because to them cash is how they do business - not trading stocks, and they probably got their shares below today's price. Once the dilutive shares are in the hands of traders, the price will respond normally. They use brokers to sell the unwanted shares at a rate that doesn't tank the price too much. When you see those big sells, you're seeing lenders dumping their unwanted shares. Those lenders never buy stock, only sell, so they keep up the sell pressure.
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