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The United States may no longer be the king of initial coin offerings (ICOs), as Singapore recently surpassed the U.S. for the most ICOs in the month of August.

According to a recent report by crypto research group Elementus, the global ICO market saw a bump in total capital raised in August after hitting a year-low just the month before. The report states that ICOs raised nearly $1.5 billion in August, which is on par with values seen during the bull-run last winter.

While capital values have recovered, it is notably not driven by the U.S. market, but by growth in Asia. Specifically, Singapore hosted 17 ICOs in August, marking the first time the country has surpassed the U.S., which saw 15 ICOs over the same period.

“The most striking geographic trends in recent months are a shift away from the U.S., ostensibly due to increased regulatory scrutiny, and a shift toward Singapore. August was the first month in which Singapore hosted more ICOs than the U.S.,” states Elementus.

Ironically, while ICOs were the instrument that initially kickstarted the industry, recent reports reveal that the unregulated fundraising may actually be weighing on growth.

According to a report published by Diar, a market research group that used data from TokenData.io, tokens outside of the top-100 list are currently facing a $5 billion shortfall against the total amount of funds raised during ICOs. Of the 562 tokens analyzed, only 30% currently have valuations above their initial raise, leaving many investors to become jaded over the entire digital asset industry.

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A separate report by BitMEX Research, which broke down Ethereum (ETH) holdings across projects that recently conducted ICOs, revealed that many of these projects appear to have profited after selling almost all of the Ethereum they raised. This has ultimately hurt the price of Ethereum, as bulls have been unable to quell the ever-increasing supply being dumped on the open market.

All things considered, the ICO craze in the U.S. may have already peaked, while Asia looks ready to take up the reigns.
More:¬†The ICO market is not collapsing. It’s maturing.
Related: Report: Blockchain Projects Profit From ICOs While Investors Lose Out

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.

Voyager

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