Ether (ETH) holdings of projects that raised funds via initial coin offerings or ICOs have been steadily declining, according to research from The Block.
We analyzed 57 ICO projects, and on average, each of them has liquidated or moved around 2,500 ETHs (~$530,000) per month over the past 12 months. These projects raised 8.2 million ETHs in total. Of that figure, 5.9 million ETHs (or 72%) has been either moved or liquidated since the launching of an ICO.
Decentralized CPU power developer Golem Network and blockchain platform Tezos were the two largest movers. Golem transferred 138,000 ETHs to the Golem Foundation, while Tezos moved 60,700 ETHs into four separate wallets, where the funds are still intact.
Some other projects seem to be dipping into their ETH treasury balances to pay for operating expenses, while they likely have some cash reserves to fall upon too.