The ICO are the cause of the reduction in the price of Ethereum?

Today, the price of Ethereum updated lower values for 18 months and many tie this decline to the elimination of ICO of their stocks attracted ETH. However, it is an absolute fallacy. Let’s look at the data!

https://www.theblockcrypto.com/2018/11/20/icos-are-not-liquidating-their-eth-treasuries-despite-price-declines-yet/ …

The sum of all ETH stored different ICO for their own accounts is now slightly more than 3.57 million coins (3.5% of the total number of coins). In April of this year in storage was 4.65 million coins (4.5% of the total number) that indicates the probable liquidation (or move to other wallets), about 23% of its reserves ETH since. Despite the fall in the price of Ethereum, it was not as severe as expected by many analysts. Over the last 2 months from the wallets of projects that spent the ICO, was eliminated (or sent) 172,00 ETH, which is about 4.6% of the total number of coins in possession. The most aggressive sellers have Status, district0x and Tierion (in descending order of volume) that are sold (or sent) with a total of about 55,000 ETH 9 September this year. Of the 57 companies that I analyzed, half had nothing to do with their own stock of coins.

At least 11 ICO today are less “market capitalization” than the amount of their reserves only ETH (see table).

Seven companies have more than 200 thousand ETH (excluding Polkadot, whose assets’re stuck in Baga Parity).

In General, related to ICO repository moved, or sold 64% of the total amount of attracted funds. In other words, they are still 36% of the amounts originally received (with about 5% stuck in Baga Parity). At the time of September this year, the ICO moved, or sold 62% of its own coins, which means in the last 2 months was eliminated only 2% of the collected ETH. Thus, the assertion that the ICO is actively selling off their reserves Ethereum is incorrect.

It can be assumed that most of the projects has sufficient reserves of cash and now they have no need to sell their own crypto-currency reserves. However, given the long downward trend the prices of ETH, we can safely assume that the projects will not get rid of their own coins without any critical need. However, given the fact that most of the ICO projects have not yet reached any significant profit, eventually they will have to start to sell their own ETH reserves to cover operating expenses. When this happens, or when the SEC will require these ICO to eliminate their own crypto-currency reserves, we will see a real capitulation Ethereum.