1/ There is a big misconception that ICO companies have liquidated most of their ETH holdings. In today’s issue of Diar, we looked at all the publicly available ICO treasuries and analyzed the numbers. diar.co/volume-2-issue… 
2/ The sum of ETH holdings of all ICO treasuries is 3,744,651 ETH or roughly 3.7% of the total Ethereum supply. In April, the treasuries held 4,651,675 ETH (4.5% of the supply) so they most likely liquidated (or moved) more than 20% since then.
3/ Polkadot, Iconomi and Musiconomi have a total of 480,114 ETH ($92M) stuck in the Parity bug so they can’t move or liquidate.
4/ At least 12 ICOs currently have a smaller market caps than the amount that they hold in their ETH treasuries alone - Aragon, SingularDTV, Gnosis, FirstBlood, Monetha, HEROcoin, Bloom, Mysterium, Atonomi, Indorse, Musiconomi and Aventus
5/ On average, all of these projects have moved or liquidated 62% of the amount that they initially raised. In other words, they are still holding 38% of the initially raised amounts.
6/ Seven companies hold more than 200k ETH (not counting Poladot, which has funds stuck in the Parity bug) -
DigixDAO, Golem, Status, Aragon, Filecoin, Tezos and SingularDTV
DigixDAO, Golem, Status, Aragon, Filecoin, Tezos and SingularDTV
7/ Obviously, a lot of the ICO companies will continue selling ETH to cover operating expenses and to fund their businesses. It’s important to realize that the majority of these projects isn’t generating any revenue. And most likely never will.
8/ This in turn creates ETH selling pressures, which are unlikely to go away any time soon. The price is affected not only by the ETH mining issuance but also by ICO companies liquidating to cover their expenses.
9/ The whole sheet including ETH addresses can be browsed here: docs.google.com/spreadsheets/d…
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