Who are selling and why?

Guys,

I'm really a beginner in this crazy stock world and I'm just having a very simple question that I don't really understand.

By the way before I start I should just mention that I bought 1000 share @ $4.00 yesterday, so Santos is my baby now.

I've spent last night reading the popular thread and I agree that part of the reason for the recent price drop was due to short term trading, as it's supported by data.

However I don't understand the part that, we are now in a probably a record low and I guess no one is actually holding anything less than today's price, so why are they selling if they know they are gonna lose their money whatsoever? Why couldn't they just all wait and sell it at a price that at least they can make some money or even break-even? Santos is a big company and has already taken measure to move to gas industry, so short term or long term the future of the company is not that bad. My only interpretation is people may get panic? But really???

Thanks,
Bolei