It's a combination of bear market plus incertaintly around icos because of sec's regulation. People are afraid To invest in icos right now
The dropping market do not allow to make many X-es even for successful projects. Hence, before investing, one should analyze the situation with much of a caution. However, there are investors even now, but their number has significantly decreased
As I said before if someone decide to invest at least 200 eth, well, he's a whale and he believe in this project, it's around $140,000 right now and more then $200,000 if alts+btc go bull again