Ann: Quarterly Activities Report and Appendix 5B, page-287

Speak for yourself. Most holders are waiting on good news.
You can't draw any reasonable conclusions from $30k traded over a half a day with a VWAP of 3.9c which is where it's traded a number of times recently. Maybe a couple of small investors moving on or just taking a tax loss. Anyone's guess.

"Looks like a sell off is happening"
The reality is that this looks like nothing but a continuation of the steady sideways pattern while waiting on further updates.
However, from your perspective, never let other possibilities or reality get in the way of downramping.