The Block analyzed the development of 57 ICO projects, which attracted about 8.2 million ETH. They found that since the close of the token sales, 5.9 million ETH (72%) were either moved or spent.
So, on average, projects spend or move around 2500 ETH per month. The record holders among the studied projects were Golem and Tezos. The first transferred 138 thousand ETH to the address of the Golem Foundation, and the second distributed 60.7 thousand ETH to four addresses where they remain to this day.
Some other startups, apparently, are forced to cover part of the transaction costs from the reserves, although they have cash.
In the first quarter of this year, the ICO projects raised around $ 118 million - 58 times less than in the same period in 2018.