I was going through meditation on why hunters sell
(I don't like the word dump because you can sell and buy again ) their reward token as soon as it is distributed and listed. I came to realise some factors, they are :
1. The technology behind the project , whether new or old.
2. Trusting the project to compete favourable with other protects if any was existing.
3. If the project already has an existing mother project backing it.
4. If there is a partnership with a trusted, company, outfit, conglomerate etc.
5. A good project with low maximum supply.
6. Speculated exchanges to be listed
7. And exchange(s) where the coin gets listed eventually.
These are some factors I think determines the mind of hunters to sell immediately or to hodl for a while.
Many say when it is handled by a known bounty manager but I don't totally agree with that view because we have seen so many coin that became trash after distribution, some never got listed, some ended up being scam.
Edit: There is another point while hunters can decide to hodl though, if the reward value or the unit received is worthless I think one of the major reason is Trust, most projects team gives bounty hunters the reason not to trust them. Most projects are quick to extend distribution while citing many reasons, that extension or delay will even fuel the minds of hunters to dump when they get their rewards, but however if the project is one which have potential, then many will hold. Also another reason is when they see a favourable price, they will sell owing to the fact the crypto space can't be predicted. Your point no 7 also says it all, a good exchange is also another reason.