There are many reasons behind the crash of the ico thats why the investors got tired, the reason is that most of the investors, especially the big investors, turns out that they make money in ico for a living. So when the ico got in the first exchange it is totally crashed due to many investors dump their coins.
It's not only about investors but also about the ICO itself. Because there were a lot of scammers, many projects faced with the problem of entering any exchange, just abandoned this business and began to develop outside of Finance, thus making their token a regular ticket for their services..