Personally, I don't think either of them, just when the market goes down. The value of tokens of ICOs is too high, and of course, when listing the exchange, everything will be right as its current value
The first to drop the price are those who first receive coins, as a rule, these are investors, the distribution of coins is always a priority for them, and I think that this is correct. Sell coins immediately or hold for better times, everyone chooses himself.