My understanding is that they sold to make sure an Ethereum crash wouldn't remove their runway out from under them. These projects still have a lot of runway to gamble with, especially if they sold at $400 and not $200. I wonder how many will take the bet or just call it good.
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I think most are being forced to sell, the ones that didn't already anyways. If they raised $30 million to build out their project, but it was all priced in Ether, they have to sell to try and preserve some of that capital before it all goes away. Otherwise their project will not launch.