and would subsequently lead to sell off of BTC dragging price down below the current interest of the fresh blood...
That is nonsense. Why would any bitcoin hodler sell their bitcoins if ETHf goes down?
So the last ICO got 150millions of fund in ETH. How does this ICO work? I fought people give ETH for some token, and the start up owner has ETH. So if you have 150 million of $ in ETH, why would you not sell it immediately?
you have $$$ in your pocket and someday a donkey kicks you in the head so you decide to invest in an ICO (joking of course).
your only option is to buy ETH. so you do, ETH price goes up. you pay for the ICO and become a bag holder.
those receiving 150 mil $ want to get $ which route do you think they will take:
1. ETH > BTC (1st ~0.2% trading fee) > US (2nd ~0.2% trading fee)
2. ETH > USD (1 ~0.2% trading fee)
so they sell it and get the free $$ in their pocket. ez pz