Since January of last year, the cryptocurrency market is in decline, but the blockchain startups do not remain in the loser. The new study suggests that the companies that conducted the ICO on the basis of Ethereum, the reserves are about $830 million in the ETH, despite the fact that they have already sold most of the involved cryptocurrency.

According BitMEX Research, by September 2018 blockchain startups earned in the course of the ICO for a total of $5463 million in the air (approximately 15 million ETH). Interestingly, the amount almost equals the total amount of ether sold by the companies during the same period: $5452 million (about 11.3 million ETH).

In fact, most of the blockchain startups sold the bitcoin at a higher price than its cost during the ICO. This allowed the companies to secure the borrowed funds (turning them into dollars), and also to keep huge reserves in the ether.

Probably the ICO, the company sold most of its broadcasts before the price fell 85%, from $1400 in December of last year to $230 in September 2018. In the result, startups have received a profit of $727 million, while retaining in the reserves of 3.9 million live in the amount of approximately $830 million.

According to researchers BitMEX, the results indicate that, on the one hand, most of the ICO are not engaged in panic selling. On the other hand, they show how easy it is to create focused on ICO blockchain startups and get a quick profit.

As the price of ether is still low, and ICO-startups don’t tend to panic. It is unlikely that in the near future they will be engaged in further sale. However, even if the company decides to abandon the held 3.9 million of air, it is unlikely to affect the price of the asset, given the 102 million coins in circulation.