A research done by Diar suggests that the remainder 62% of the funds raised were either transferred or withdrawn. The researchers suggest that that at the moment the ICO projects hold about 3.7% of the total ETH emissions. In April, this level reached 4.5%, which means that the “ICO-store” lost 20% in five months. However, most of the projects will continue to keep their funds in Ethereum, which means that the market will retain the excess supply of ETH, perhaps even for years.