I believe this does not happen because they're becoming more cautious, but because they're freaked out about the current market conditions. The majority of the investor would tend to stick to their fiat holding or BTC holding before making any move to other projects/ICO because their price isn't known yet. The speculation is too high, and on top of that, the ICO itself needs to raised more ETH/BTC because the price changed. However, at a time like this, you can definitely know which project attracts a lot of investors and which projects will likely die in the near future.