Although many analysts accuse ICO projects of pushing the Ethereum price down by selling of their reserves of ETH raised during crowdsales, a new study proves that this reason may be exaggerated.

ICO projects that attracted financing through initial coin offerings (ICO) are still holding approximately 38% of funds, raised mainly in Ethereum (ETH) tokens. The remaining 62% of raised funds were either sold or transferred to other accounts, the new study of Diar claims.

Thus, the DigixDAO balance decreased from 466,648 ETH to only 395,433 ETH within the last six months, and the reserves of Golem have not changed at all since April.



In total, ICO projects hold about 3.7% of the total ETH supply. In April, this figure stood at 4.5%. Within the last six months, the balance of ICO projects in ETH fell by 20%, and it could not explain such a sharp fall in price of Ether.

The study also provides interesting statistics on a number of projects, whose capitalization is now substantially lower than the value of the ETH reserves that they have on their balance. For example, the capitalization of Aragon stands at $21.5 million, while its ETH reserves is worth $45.5 million. The similar situation is demonstrated by SingularDTV, Gnosis, Monetha and many others projects.