I mean that would imply that everything that people put in ICOs they otherwise would have put in Bitcoin. I do think the price of Bitcoin is lower because there are competitors, but I don't think that's the reason for the big drop though. I did an analysis about what I think about that if your interested: https://steemit.com/bitcoin/@lumpi/this-week-might-be-perfect-to-buy-bitcoin
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But it is, because ETH and Bitcoin is what is used to buy into ICOs so that money is dumped out of the system to buy crap coins in which they then lose all their money to scams etc. It is also what started all of the crack downs from china. ICOs have had a huge negative effect ever since they rolled out this year in mass amounts.
I get why such a huge amount of ICOs is bad but even if they scam people to give them btc the btc are still in the system. I don't get why the price of btc especially decreases because of that. Maybe only because cryptos in general seem less desirable because of the fraud that is going on with ICOs.