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RE: The pain in your wallet.
The market has been absorbing all the powerdown of the steem account from above 100 millions down to 30 millions at the moment (and other powerdowns of ned and his friends).
So you are right, the rising of the total SP is a good sign.
It wouldn't necessarily be good if Ned and his friends had inside information that led to them selling their Steem before that information was public.
There aren't any regulations for crypto but there may be a reason why they are selling.
Having said that, I am currently buying at these low and I will buy again in the first or second week of October.