Think at all those hundreds of ICOs which have raised millions of dollars worth of ETH each. Some of them, like the scammish Envion, even 100M$.
Now in this bear market they see their wealth evaporate. They need FIAT since they are real world projects and they need FIAT to pay for infrastructures.
So they cannot simply watch at all those millions $ EVAPORATE and jeopardizing their projects.
It is true they have raised Millions $ but now those millions $ are shrinking further and further and so I guess THEY are panic selling and crashing the price.
What do you think?
What you say is one of the main factors that caused the collapse of ETH prices drastically, besides that not a few also ICO which was developed by the scammer to steal investor funds, so this case has caused a decline in the reputation of ETH among the public. But you have to be optimistic because in the future there will be many real ICOs who are struggling to grow ETH prices.