The investors have become more knowledgeable and are no longer ready to invest in any ICO anyhow.
I disagree with you investors know what they are doing and a proof of this,
the early investors made a good profit but when Scame ICO start to showing up some fail victims and was scammed due to the fact that they do not do their homework and study project and team very well.
the main reasons that no a lot of investors now is the market condition,
if i want to invest now the price of the sold and good projects coins is very cheep so why should i invest in ICO i wil buy an ongoing well know project coin.
but market start to rise and situation is going to change. some good new projects start to show up.