According to The Block on August 1st, according to the agency's research, the ETH positions of projects raised through ICO have been steadily decreasing. The agency analyzed 57 ICO projects, and in each of the past 12 months, each project cleared or transferred an average of 2,500 ETHs (approximately $530,000) per month. These projects raised a total of 8.2 million ETHs. In this figure, 5.9 million ETHs have been moved or liquidated since the launch of ICO, which is 72% of the amount of ETH raised. Some projects seem to be using their ETH savings balance to pay for operating expenses, and they may also have some cash reserves.