If this price retraction is due to the ICO's cashing in, there should be a limit on how quickly they can cash in ... to avoid market disruption like today......\
I was thinking those ICOs recently, including yesterday's 67 million, those must have been cashing in last days, hence helping the price down. Yesterday's 67 million, at least some part of it will be cashed in this week, if it is not being right now.. again keeping the price down.
This combined with the retraction following the surges from 2 - 3 weeks ago .... Pretty normal that the price has retracted somewhat. The ICOs are totaling what , 500 million cashed in so far ? If that. Out of 30 Billion USD market cap, the price retraction must be largely due to market/demand and not just ICOs.
So in the mid-to-ongoing term these ICOs will help keeping the price down. But these ICOs are necessary. They are part of the coin community and help us grow. In the longterm the ICOs help ithe masses recognizing coin money as an alternative to paper/electronic money monopoly.