On October 1, 2018 BitMEX Research, the research arm of crypto exchange BitMEX, published its study called Ethereum holdings in ICO treasury accounts. The study analyzed the amount of ETH raised and the USD value of gains and losses due to Ethereum’s recent price decline
BitMEX Research worked with London based firm TokenAnalyst for this study. Researchers analyzed 222 ICO projects. These projects raised a total of $5.5 billion worth of ETH, which might have been sold by ICOs at about the same amount; but $11 million less. These projects have realized gains of $727 million derived from their ETH profits. At this time, there are still 3.8 million Ethereum on the balance sheets of the 222 projects. The said amount of ETH will not have much impact on its market price, according to the study.
The study arrives at the conclusion that, on the macro level, the panic sell thesis with regards to Ethereum price crash is false.