theyre dumping it immediately for profit, they do not think of the great project of the coin. id rather hodl mine cause i receive it free from rewards.
They immediately sell the reward they received from ICO project because they badly need a money or that is their mindset. Some bounty hunters participate to earn extra income as they think of it as a partime work not investment. Eventually , once they fully understand the benefits if they going to hold the coin ,they wont sell it immediately.