In my opinion, most investors keep their money in Fiat during the bear market to avoid losses. I don't blame investors to not invest in ICO recently. They also have own reasoning to not buy ICO tokens or coins for now. I think they will be active again in investing in ICOs after the bullrun really happens. They wait for the bullrun, they are the same with us, need the bullrun to arouse a spirit to continue working on crypto world.