Yes, I agree they will raise a ton of ETH... but dumping is a bit overstating the market impact of selling off the ETH to fund development. ETH markets are very liquid releative to EOS overhead, won't make a dent (ie. they won't destroy ETH market cap because that would be silly if they are funded by ETH and the amount they will sell to pay the bills is so small it won't be a dump). But it will lock up a ton of ETH and inflate the market cap.
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There's some head scretching going on here. What I did notice about Graphene base ICOs is they start with only Bitcoin, then latter on take BTS, BitUSD, Steem, ect. Maybe if enouth people say "I'll only buy with BTS, ect". They will open the door.