Now that some of them have them in their hands, and they see the difficulty rising at insane levels many of them are cashing out all their coins as soon as they get them in hopes to pay off their investments.
But that doesn't make sense at all. If difficulty increases, wouldn't it make more sense to hold on to them as they get more and more difficult to acquire?
I think the easiest answer is the most likely, speculation is a very large part of the bitcoin economy so far, so when people sense a dip they all want to make a buck. Lots of people sell, many of them fail to catch the bottom and have to pay for those who do.
Sooner or later the value is bound to rise again, as long as the underlying technology is sound.
They are more interested in paying off their huge loan than worrying about how much the coin might be worth one day. You can't tell the bank "I'll pay you back in a few more years, when these things are worth a fortune." You have to remember some people bought over $100,000 worth of equipment banking on it arriving soon and having an ROI of less than a month, now they have sat on that $100,000 loan, and now finally have the means to get the banks off their butts, and possibly save their houses/cars ect they put out against the loans.
The people that didn't spend more than they could afford, are probably sitting on their coins hoping for a return to the value. The big question will be how low will it go, and how long will it take all these miners to pay off their equipment before things can get back to a normal flow.
Another big question, which I don't know. Is ASICMiner selling their BTC right away to pay their shareholders? If nothing else, one can assume they are converting quite a bit to Fiat to pay off their buildings and electricity bills. This could be effecting the price as well.