I think investors from big bonuses are not that bulls, i saw a lot of times where a big amount of coins being sold after ICO and got listed on exchange and i believe those coins are not from bounty hunters but from those investors and i notice most of investors are being greedy and want an easy profit just by buying some few coins during pre-sale and dumping it all but bounty hunters makes their strategy become hard to be done since they can easily lower the price more due to the fact that they don't have a cost for that.