The Week's Biggest Crypto Losers: SIREN Down 65%, ZRO and APT Follow

Bitcoin is closing the week around $67,000 as of April 5, 2026 - a figure that looks modest against October 2025's record high of $126,000, but the actual movement this week was not particularly dramatic.

Key Takeaways

SIREN collapsed over 70% from its March 22 all-time high, with a single whale cluster controlling nearly 90% of supply
Ethena (ENA) unlocks ~$14.7M in tokens today, going directly to contributors and early investors
Alameda Research offloaded ~$15.3M worth of ZRO through Wintermute this week
Midnight (NIGHT) launched its mainnet on March 31, but a one-way bridge to Cardano has the community on edge

BTC slipped roughly 2%, Ethereum followed in a similar fashion, and the broader market stayed in slow-correction mode, weighed down by geopolitical tension around Iran and persistent uncertainty over interest rates. Against that relatively quiet backdrop, however, a handful of altcoins posted losses of an entirely different magnitude – not because the market dragged them down, but because each had its own specific problem.

Siren (SIREN)

On March 22, SIREN hit an all-time high of $3.61. It is currently trading at $0.5885, which represents a weekly decline of 65.65% despite a 24-hour bounce of 14.10% – a textbook dead cat bounce following a near-total collapse.

The token’s market cap sits at $428.6 million. On-chain analysts found that a single whale cluster controls approximately 88.5% of the total supply, a concentration at which a small group of wallets can effectively dictate market direction. SIREN is positioned at the intersection of AI agents and meme culture, but most of its promised products have not shipped. The combination of speculative narrative and extreme supply concentration rarely ends well for retail participants, and this week was no exception.

Midnight (NIGHT)

Midnight, a privacy-focused chain built as a partner network to Cardano, launched its mainnet on March 31, 2026. At $0.04177 and a market cap of $693.7 million, it is the largest project by capitalization on this list – which makes the 15.10% weekly decline more notable.

The immediate trigger was a public dispute over its one-way bridge: assets can move from Cardano to Midnight with relative ease, but the return journey is slow and restricted. Within the Cardano community this is being read as a liquidity risk for ADA, and the concern is not purely theoretical. Adding further selling pressure is the ongoing thawing of the Glacier Drop airdrop, a large-scale distribution with quarterly unlocks running through December 2026 that consistently introduces new supply to the market. The network does count Google and Vodafone among its validators, which sets it apart from most projects at the same stage – but that has not been enough to hold the price this week.

Ethena (ENA)

Ethena did not surprise anyone this week – at least not those who track unlock schedules. The token is down 13.99% over seven days and is currently priced at $0.07721 against a market cap of $676.3 million. Today, April 5, the protocol releases 171.87 million tokens worth approximately $13.34 million, earmarked for core contributors and early investors.

These events rarely pass without price impact, since recipients frequently sell immediately upon receipt. The complicating factor is that Ethena’s on-chain activity is at a six-month low – active address counts have dropped significantly, meaning there is no organic demand to absorb the incoming supply. The protocol, known for generating yield through delta-neutral positions, remains functional, but the current market environment is not doing it any favors.

LayerZero (ZRO)

LayerZero may be the most contradictory case on this list. The token is down 9.97% over seven days, trading at $1.78 with a market cap of $560.9 million. On March 31, Worldpay and Global Payments – two of the largest payment processors in the world – announced the launch of a verifier network built on LayerZero, signaling genuine institutional interest.

At the same time, the bankrupt Alameda Research estate sold 7.93 million ZRO tokens to market maker Wintermute, a package worth approximately $15.3 million. Forced liquidations from insolvent entities say nothing about a project’s fundamental value, but the short-term price effect is real and measurable – and this week, the selling clearly outweighed the good news.

Aptos (APT)

Aptos ended the week down 9.04%, trading at $0.8331 with a market cap of $661.9 million – the smallest weekly decline on this list. There was no single dramatic catalyst; it largely followed the broader market’s downward drift.