- Ethereum’s price hovers near the key $4,000 level.
- Market data show spot ETH exchange-traded funds recorded net outflows exceeding $128 million.
- Traders’ anticipation of the U.S. Consumer Price Index (CPI) has bulls ready for a potential ETH rebound.
Ethereum (ETH) has moved modestly higher, trading above $3,980 at the time of writing, marking an almost 3% gain over the past 24 hours.
This uptick comes even as the altcoin market contends with institutional withdrawals from spot Ethereum exchange-traded funds (ETFs).
Meanwhile, traders watching today’s U.S. Consumer Price Index (CPI) release are optimistic, hoping the data will provide clues about Federal Reserve policy.
ETH’s short-term price trajectory could pivot sharply depending on how the market reacts to the CPI reading.
Spot Ethereum ETFs See $128 Million in Outflows
Spot Ethereum ETFs listed on U.S. exchanges experienced notable negative flows on October 23, 2025, with the market recording net outflows of $128 million.
None of the nine available ETH ETFs posted net inflows that day, a clear reversal from the intermittent positive flows seen earlier in the month.
This broad-based withdrawal reflects growing caution among institutional investors, who appear to be reallocating into perceived safer assets as Ethereum’s price momentum falters.
Data from ETF tracker SoSoValue show spot ETH ETFs recorded outflows in eight of the last 11 trading days, compared with eight consecutive days of net inflows in early October.
On October 23, the Fidelity Ethereum Fund (FETH) led outflows with $77 million in redemptions.
BlackRock’s iShares Ethereum Trust (ETHA) saw outflows of more than $23.5 million, while Grayscale’s Ethereum Trust (ETHE) logged withdrawals exceeding $8.8 million. Invesco, Franklin Templeton and 21Shares reported no net flows for the day.
By contrast, spot Bitcoin ETFs showed resilience, drawing a combined net inflow of $20.33 million the same day. BlackRock’s iShares Bitcoin Trust (IBIT) led gains, attracting $108 million in net inflows.
Since their launch, cumulative inflows to ETH ETFs total $14.45 billion versus Bitcoin’s sizable $61.89 billion. Despite ETH lagging Bitcoin in institutional adoption, on-chain and custody trends indicate growing institutional interest and bullish positioning in Ethereum.
Ethereum is quietly becoming the corporate standard.
Treasury firms and ETFs now hold 12.5M ETH, representing 10.31% of total supply that’s not noise, that’s structure. 🛡️
👉 This marks a pivotal shift, capital isn’t just stored anymore, it’s earning, staking and governing the… pic.twitter.com/VFZopRTF0d
— Cosmos Health Inc. (Nasdaq: COSM) (@CosmosHealthInc) October 24, 2025
Ethereum Price Outlook Ahead of Today’s CPI
Markets are positioned for the Bureau of Labor Statistics’ CPI report scheduled for 8:30 a.m. ET on October 24.
Ahead of the release, ETH trades near $3,980, up almost 3% over 24 hours and approaching the psychologically important $4,000 mark. Near-term expectations hinge on the inflation print.
Economists forecast an annual CPI of 3.1%, up from August’s 2.9%, while core inflation is expected to remain steady at 3.1%.
🇺🇸 US CPI will be released tomorrow at 8:30am ET.
The market expectations are at 3.1%, while last month’s CPI was at 2.9%.
Here are different scenarios:
1⃣ CPI > 3.1%
This will be bearish for markets.
This is because it’ll mark the highest CPI print since June 2024.
2⃣ CPI… pic.twitter.com/uEl435PNa2
— Ash Crypto (@Ashcryptoreal) October 23, 2025
A CPI print at or below expectations could ease pressure on risk assets and trigger a short squeeze in ETH futures.
Conversely, if prices spike sharply, short positions could be pressured ahead of the Federal Reserve’s anticipated rate cut next week.
With the relative strength index around 46 and showing a bullish divergence, a successful breakout and sustained move above $4,000 could open the way to $4,300 and $4,500.
However, if Ethereum encounters key resistance after the CPI release and broader market conditions turn unfavorable, the altcoin could retrace toward support near $3,745.