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Barry Silbert, the founder of Grayscale Investments, a digital asset management firm owned by Digital Currency Group, believes the initial coin offering (ICO) party has come to an end.

During a recent interview on CNBC’s Squawk Box, Silbert touched on current crypto market correction and its ramifications on the once thriving token sales.

“The ICO market is dead… you now have the lack of demand from ICOs, and you have all the sponsors of the ICOs who raised a bunch of bitcoin [and ether] that are now starting to sell that.”

As the number of monthly ICOs falls off the map, the data from previous offerings sheds some light on the early operational outcomes of some of these unregulated fundraising rounds. A recent BitMEX research report found at least 12 blockchain projects and companies that raised more than $50 million in ICOs have yet to release a token onto the secondary market, preventing early investors from being able to sell.

Additionally, Diar recently reported that ICO treasuries have seen total withdrawals of 170,000 ETH this month, making it the third largest withdrawal period this year. This unloading of ETH raised from ICOs is helping fuel the downward pressure on the price of the third largest cryptocurrency, which now has a $12.5 billion market cap.

Diar

Despite the ongoing bear market, Silbert is still very bullish on digital assets. So much so that he took to Twitter on Sunday to reveal that he purchased several altcoins amid the market selloff — adding an undisclosed amount of Ethereum Classic (ETC), Zcash (ZEC), Decentraland (MANA) and Horizen (ZEN) to his portfolio.

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More: The ICO market is dead, says Digital Currency Group’s Silbert
Similar: Crypto Fund Manager Barry Silbert Just Bought These 4 Altcoins

Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.