Most coins have lost 50 to 80% of their value, many tokens that were financed with expensive ether may now have their funding reduced due to their holdings. Do you think many of the ICOs have sold their ether and bitcoin during the last months? What other factors are making the market go steadily down?
Ethereum after an incredible growth in December and January has now returned to its previous level of price, probably, like you're saying, one of the reason can be found on the need of ICO's devs to sell their Ethereum during the market crash. In fact, they need money to be able to carry out their projects.