The value of the Tezos token can't be lower than the value of the raised funds now, can it? That would be like saying a company with 100k in cash is only worth 50k. Since the foundation kept most of the raised BTC and ETH, the funds appreciated at the same rate as if they were kept by the investors. The investors have tokens that represent shares of the funds raised. Those derive their value from 1. the money raised and 2. the technology being developed (that will be useful hopefully). Therefore, it would be very strange if the token was worth less than the share of funds used to raise it, XTZ "futures" price notwithstanding.

"Futures" because they are just a pile of tokens bought by the exchange, and you can't sell your own tokens before release, so no way to get them into the exchange and no functioning market.

I suppose if the funds are earmarked for development only and can't be liquidated or used for buybacks then they're essentially already gone. If you assume that development has decreasing marginal utility (so spending $1B won't make Tezos much better than spending $200M) then I can imagine that investors would rather have their money back than have Tezos. Kind like how I'd rather have 1 BTC than my Trezor.