Think at all those hundreds of ICOs which have raised millions of dollars worth of ETH each. Some of them, like the scammish Envion, even 100M$.
Now in this bear market they see their wealth evaporate. They need FIAT since they are real world projects and they need FIAT to pay for infrastructures.
So they cannot simply watch at all those millions $ EVAPORATE and jeopardizing their projects.
It is true they have raised Millions $ but now those millions $ are shrinking further and further and so I guess THEY are panic selling and crashing the price.
What do you think?
In part, this makes sense, since these coins are part of a common market, but this is not the main or only reason for its fall. Everybody is panicking right now, and not only fraudsters. Here there are already many reasons for playing the role, which are superimposed on one another, but the most important of them is the same big increase in the price of bitcoin last December. We have to go through the correction stage to the end, only after that the market will start to rise. However, a significant role in this is also played by the general distrust of ICO projects due to the large amount of fraud in them.