Many people do not understand offer and demand, how it really works.
If all bounty hunters would like to sell all their tokens (2% of total supply) it is a huge selling pressure. If there are not enough buyers, price is going down until encounters buy orders. And as you can guess, noone wants to buy ICO coins just after the ICO sale because those who wanted buy, they already bought.
Your point of view?

Or they understand the supply demand very well and knows that as soon as the token is listed on a market, there will be an increase of supply thus causing the price to drop. So in order not to face such loss or to maximize their profit, they try to dump their tokens as soon as possible. As the token starts to spread out among different people, they start buying it back at cheaper price with the hope of the price rising back to normal or higher than what they have bought it for.