Cointelegraph reports that 160,000 Ethereum were sold over the past ten days by ICOs. https://cointelegraph.com/news/trustnodes-icos-sold-160-000-ethereum-over-the-past-10-days/amp

Panic about the drop in price of Ethereum and the whloe crypto space, caused most projects to sell of their acquired funds and switch to the more stable fiat, this also deepens the drop in price.
Hopefully with the rise over the past 24 hours, more investors and projects would be encouraged to hold.