That was the collapse of ETH, because most of the airdrop and bounty programs were through the ERC-20 platform. Do you think the same thing happened?
In fact, Ethereum undeliberately became a monopolist on ICO market due to its convenient token generation functions.
It collapsed because many projects started cashing out which lead to surplus offer and devaluation of the coin.
many people do not hold long using eth, they are stuck in panic sell and that causes ethereum price to collapse drastically. so I think it's a natural thing to happen