Bitmex Research have looked at the ETH holdings of a number of ICO projects over time. They analysed amounts of ETH raised, their USD value, and gains and losses caused by changes in the ETH price.
The Ethereum price has fallen almost 85% from the US 1400 USD peak price in around December 2017. The ever-tumbling price of Etherium since then has raised concerns of whether it can trigger a downward spiral, wherein the ICOs, seeing the USD value of their funds shrink will start selling their ETH, which will drive its price lower causing even even more ICOs to sell.
A lot of people have speculated that most or all ICO projects are sitting on a large pile of Ethereum, which they raised from investors and that if the price of Ethereum falls low enough, they will begin to “panic sell’ their huge holdings. However Bitmex Research along with Tokenanalyst have show that this view is for th most part incorrect.
The researches have analyzed 222 projects projects, which have collectively raised around 5.5 billion $ worth of Etherium. They found out that these projects have already sold about 75% of their Etherium. The dollar value of Etherium sold, however is almost the same as amount raised. This means that on average the positionof ICOs is much better that most people though. Not only they retained the USD value of their initial holdings, they still have about 3.8 million Etherium extra.
The champion of this report is of course EOS. EOS accounts for 75% of all ICO raised Etherium. According to the report, EOS was continuously selling its Etherium throughout its entire ICO, which was happening for an entire year and it the end. Like this, EOS has sold its entire ETH warchest of 7.2 million Etherium.
Whith this information I think it would be safe to say that ICOs don't have any incentives to sell the bottom. But even if they did, 3.8 million of ETH they hold represents less than 4% of the supply and probably wouldn't trigger the ETHpocalypse.