Why investors would invest in ICOs, if it is not profitable. During the bearish trend over the past one year's, most tokens price drop after listing on exchanges causing a lot of loss for the investors, so now they are reluctant to invest in ICOs.
It needs a good timing, when BTC is back to it's good price, then I think ICO will be alive again.
BTC needs to break it's ATH so no more losers in the market, if they can sell at a profit, this market will be lively again as investors will be confident again.
It's normal that the price would dump, bounty hunters will dump and the trading volume is very low, the solution is the trading volume improvement.