Does it mean if bitcoin rising then ico price for Waves is falling?
Yes, like all the alt coins.
Not a single serious ICO has traded below 3 x ICO in over 2 years.
I do believe DRZ was a pretty serious coin back in its day and it never managed past ico price at all, And now its "trading" for about 50 satoshis or less so take that as you will. Just cause theres an ico doesnt mean anything is going to come of it.
Depends on what you call serious i suppose though