I think that he is smart selling and getting ROI.
Now have have 0% risk explosion and he hold some tokens if price will go much higher.
Risk in fresh ICOs is VERY high scams/exploits/hacks and other dramas that can lead to token value close to 0.
Rissing BTC can also rect you in BTC relative value.
My biggest fails in past was not taking profits when those were on table.
Then BTC goes up and price fall and never re bounce because of X Y Z reason.
Devs fail / hacks / abandoned project. 1/100 you will get that 100x gain but 99% it can go to 0