I Don't think so, it's just the market condition that fewer buyers now and general volume very low. After the listing on a bear market, you can't expect the price to go to the moon.
Of course, this is still the case today, a very large number of investors are either in the long-term HOLD or simply exit the cryptocurrency. The bear market has been going on for a very long time, but what will happen next and what if such conditions of selling tokens are really made at the price of ICO?