Strange question. It all depends on what is the ICO and of course on the individual capabilities of the investor. I think everyone chooses the most promising projects. Personally, I do not test large amounts.
I think I have said the same in the first line of the post.
My question in other words was: "What is the average investment in a typical ICO"?
For example in the >$20m ICOs, how many people participated and what's the average investment of an typical individual.
From a statistical perspective its a valid and important question (not strange at all), if a company wants to plan an ICO and prepare its strategy and marketing budget. should it spend it's effort looking for 3-4 large investors? Or try to reach 100,000 small investors?