As I have noticed these days, when the ICO hasnt finished yet and the sale was still on going, the bounty tokens has already been distributed and also unlocked they sell it immediately on forkdelta or etherdelta for a much lower that ICO price, in which it could greatly disturb the sales in tokens. As for you the investor on that token, would you panic when you see that the tokens you own already selling at much lower price?
Of course I panic when I see that my tokens are going down.
Everybody panics in such a situation, but the difference of the investors' behavior is whether they manage to control their panic and take the right decisions.