We essentially have a situation of increasing demand, and decreasing supply. When a project raises fund through an ICO, they collect Ether from many participants, and use that Ether to fund the on-going expenses of bringing their project to life. The important fact here is that, an ICO is essentially a process of Centralising Ownership of Ethereum. This centralisation results in the General Ethereum User having less Ethereum, and the Larger Account Holders having more Ethereum. When the masses try to rebuy their Ethereum after investing in a ICO, there are essentially a larger amount of users chasing a smaller pool of Ethereum.

This article makes assertions but it doesn't support it with facts. Why not? Blockchain is transparent and I know you are good at gathering information. Quantify the amount of Ethereum that has been raised by ICOs, how much is held today, and what those numbers look like compared to the total supply of Ethereum. Are the ICOs collective holdings of Ethereum over 2% yet?

If hedge funds (almost none of which can legally buy Ethereum but that is besides the point) buy Ethereum to participate in an ICO and that ICO raises $50mm, how much of the Ethereum supply was locked up?

Let's do the math. A $50mm ICO at $350/ETH is 143k ETH out of a total supply of 92mm. That is 0.16% of all ETH. You think this is a material centralizing effect worth building an Ethereum is overvalued thesis around?

When the ICO bubble bursts, which will be triggered by returns getting exhausted, and projects getting even more greedy, this will be the nail in the coffin of Ethereum…I would expect to see a severe re-tracement in prices of at least 75%.

I also think you're totally wrong if you are separating Ethereum as a special case or comically, a case that is worse of than the typical digital asset in a bear market. If Ethereum re-traces 75%, it's likely that ALL of crypto is also re-tracing to a similar extent or more. There are about 10 platforms that are worthwhile out of about 100 platforms and maybe 30 digital assets that have any merit out of 1000 digital asset projects/coins. Ethereum happens to be one of them, so does Steem. But the idea that there will be safe havens that aren't fiat if Ethereum re-traces 75% is comical to me. It's almost 1/3rd of all digital asset value...