Weak hands. Many early contributors were lured into putting money into an ICO by social media ads without a proper understanding of the world they were entering. An 80% loss of anything to someone who hasn’t seen it before is justifiably terrifying. There will always be people who are quick to sell everything to recuperate some of their perceived losses, not realizing that no loss actually occurs until they cash out, and they are creating their own self-fulfilling prophecy by selling at a lower price than what they paid for it.