What happens to BTC / ETH when you do $500mm worth of ICOs without effective lockups?
It’s simple. All that money raised by all the ICOs is not leaving as quickly as possible back to fiat currency and so you see prices bursting.
Without effective lockup periods to prevent this, it will continue as everyone sends millions in Ether to the last ICOs. They then cash out to get all the USD for their Ethereum investments in their ICO. Thus the price drops and will continue to drop until their selling of Ethereum stops.
Watch Bitcoin, Ethereum, Litecoin, Zcash, Monero, Dash and Ripple. When you see all them falling similarly its a large amount of selling across them all. Once that stops you may see a bounce in their respective pricing.