They have 100x that in their wallets so even if 12, 21k Steem is a lot for you and me, for them it's a tiny piece.
Plus, yeah, they needed to get some money for the servers or something or had some investor jumping in and not enough liquidity on the market.
Markets align themselves generally, look at the results of the BTS pump 
Steem is currently overvalued and, I agree, it needs to get low in order for more serious shareholders to step in (the kind that pour millions in, not a few BTC).Also, this is good for the power to balance on the platform. I'm waiting for it to go waaay lower than it is right now and jump in buying strong.
Yes I think the liquid Steem plus sbd needs to rise to 10% before I'll stop powering down. Sbd seem like a nice place to park till the next phase starts. The synereo launch feedback should be interesting as well.
you could "miss the train" also....
Steem will always be over valued when you look at the fact that there is no demand for Steem. Look at the volume on coinmarket cap and you see around $100,000 a day which is next to nothing in cryptospace. Then you have Ethereum moving millions a day on promises and vapor and insecure technology.