If you're expecting all ICO gains to be erased or all speculators to leave the market, I think you'll be disappointed. ICO teams are largely selling because of the bear market, for the same reason that miners are hedging short on their operations. They aren't the cause of the bear market, which is related to a much larger distribution cycle.
They aren't the cause, but will contribute to having it last way longer. Most of the dumps that we have seen happening are related to ICOs, and the sooner they run out of stock, the sooner we'll find our way up again.
It will happen eventually, but we're not there yet. The bags that ICOs hold are still something to not discard. It requires one significant dump to have them fear and dump as well, because the fear of lower prices is a real threat to their existence.
The chart will tell us when this happens much more clearly than speculating about ICOs and short term speculators can.
The charts have been fooling most people. It's always easy to revert back to the good old charts after an event has taken place. Never do I see anyone provide useful information about the market beforehand.