BitMEX: Despite ETH downturn ICO projects are still sitting on gains rather than losses

BitMEX released research on the Ethereum balances of ICO projects. Their research revealed that the projects appear to have already sold almost as much Ethereum as they raised in dollar terms with an additional ~$830m of unrealized gains despite the 2018 market downturn (Ethereum down 85% from its peak price of $1,400 in December 2017). This analysis contradicts the theory that a downward price spiral would ensue as a result of ICO projects having high exposure to Ethereum and panic selling because of falling prices. (Source: BitMEX)