They ICOs are a risky investment in general but when the market is down the rate of ICOs being introduced is nil and on the other hand when you are certain that bitcoin is a safe investment in the long run then that it's better to put your money there
I see more on perspectives and speculation than what investors think, when bitcoin continues to decline and alt follows, the ICO climate will be disrupted, whereas when market trend prices tend to be stable even if not at high prices, there is good sentiment from investors to dare to invest.
When viewed at this time, the ICO is still not right to really interest them, the risk of sales and fraud failure is also getting higher.