Projects that attracted funding through initial coin offerings, are still holding large amounts of ETH. Given that many of them are selling ETH, the price of the second cryptocurrency by capitalization may further go down.

The research company Santiment analyzed wallets, belonging to ICO projects, and found out that they contain 3 330 390 ETH worth more than $1 billion. The study reveals which projects are the largest holders of the second largest cryptocurrency by capitalization.

The largest holder of ETH tokens is the ecosystem's development fund Ethereum Foundation, which owns more than 663,000 ETH. Ethereum Foundation is followed by DigixDAO. His wallets retain nearly 470,000 ETH worth more than $130 million.

Golem with 369,000 ETH and Status with 253,000 ETH occupy the third and the fourth place in the ranking, published by TrustNodes. The top 10 of the largest holders of ETH coins also include such ICO projects as Aragon, SingularDTV, Tezos, Gnosis, Iconomi.

Santiment studied data on 650 ICO projects and revealed that only 125 of them still had some assets in ETH on their purses.

Analysts note that most of the analyzed ICO projects have already completely sold out all their assets in ETH, raised during their crowdfunding campaigns. Among such projects they mention OmiseGo, which collected more than 71,000 ETH last year. Santiment also tracked the dynamics of ICO's ETH coins sale. According to their data, 16,500 ETH were sold within the last week, and 136,000 Ethers worth approximately $37 million were sold within the last 30 days.

This may be one of the factors determining such a significant drop in the ETH price, which still trades below the $300 mark without giving signs of recovery.