Early investors buy tokens at a price much lower than during the ICO. For that reason they can afford dropping coin's rate below the ICO level. Nevertheless, now the reason for that fall is the general depression on the market.
Correct. Some ICOs even give 100% bonus for pre-sale investors. Those who got in earliest might just sell the coin they got as bonus and save some coin if they see some future in the project. They can also sell all the coins and buy back in once the price reach a certain low; either way, its a win-win for them.