Now is the moment when the hype around the projects disappeared and only enthusiasts decide to invest or participate in the bounty.
Or in another words when it is "blood on the pages" of the forum is'n it? Aposteriori we can assume that spring-summer of 2018 was the end of ICO in their current appearance. And a scheme was as old as a world itself. Now public cry for "decentralization" changed to "we need regulation" (and profits as with Ethereum I suppose
)