21Shares announced the launch of a synthetic exchange-traded product (ETP) tracking Anthropic on October 13, marking Europe's first ETP offering continuous, unleveraged exposure to the artificial intelligence company's implied valuation ahead of its planned IPO.
The Anthropic ETP, ticker CLAU, uses a 21Shares and FalconX structure enabling investors to trade private market valuations similarly to standard ETFs. The product employs total return swaps linked to the Kaiko Anthropic USD reference rate, which derives daily pricing from Anthropic perpetual futures on Binance. Rather than holding physical shares, the ETP tracks market-implied valuations through notes managed via FalconX's prime brokerage platform.
Sector Performance Remains Weak
Despite the Anthropic launch, the broader tokenized ETP market has not gained momentum. Over the 24 hours following the announcement, the tokenized ETP market cap declined 6.2% to $595 million, with trading volume dropping to $160 million. Month-to-date, the sector recorded relatively weak performance, down 0.49% and adding only $64 million in value.
Among crypto ETPs, only Bitcoin products showed relative strength, with CoinShares Bitcoin ETP reaching $1.7 billion in assets. The 21Shares ABTC rose 5.3% over the past 30 days but remains down month-to-date.
Crypto ETFs Experience Sustained Outflows
Crypto ETFs faced significant headwinds throughout October. Bitcoin ETFs recorded $487 million in outflows on October 7, with $681 million in outflows during the weekly session ending October 9. Cumulative Bitcoin ETF outflows exceeded $1.45 billion for the month.
Ethereum ETFs continued their decline, recording a three-week losing streak with $542 million in outflows as of October 9—the largest since January—followed by $60 million in outflows on October 13.
Rising outflows across both ETFs and ETPs indicate investors have significantly reduced their exposure to these products. Historically, such fund outflows have preceded extended periods of weak asset performance.
