Until November the situation was as follows:
While in the first 20 days of December alone, the trend was as follows:
In the first 20 days of December alone, 398,000 ETHs were sold, or about 11% of the total held at the beginning of the month, and now the treasury in the hands of the ICOs has been reduced to just over three million.
This is the largest decrease in relative and absolute terms since January 2018. To make a comparison, only 5% of the ICOs treasury had been sold in January for a total of just over 232,000 tokens.
The ownership of ETH tokens is therefore gradually decreasing, but this is also a sign that ICOs are not just deposit banks.
In absolute values, there is talk of about 38-40 million dollars spent in the realisation, hopefully, of the projects for which they were collected.
December is also the month in which a series of costs, such as Christmas bonuses and year-end bonuses, weigh most heavily.
This trend can have two meanings: the positive one, meaning we will go towards the realization of the ICO projects, and the negative one that, instead, sees a progressive impoverishment of the accumulated treasury.