- Ethereum price hovers near the key $4,000 level.
- Market data shows spot ETH exchange-traded funds recorded net outflows exceeding $128 million.
- Traders awaiting the US Consumer Price Index (CPI) expect a price-moving reaction for ETH.
Ethereum (ETH) price rose modestly, trading above $3,980 at the time of writing, marking a nearly 3% gain over the past 24 hours.
This move comes despite major altcoins struggling with institutional outflows from their spot exchange-traded funds.
Meanwhile, traders monitoring today’s US Consumer Price Index (CPI) release have grown cautious yet hopeful that the reading will provide clearer guidance on Federal Reserve policy.
ETH’s reaction to the CPI print could determine the near-term price trajectory for Ethereum.
Spot Ethereum ETFs see $128 million in outflows
US-listed spot Ethereum ETFs experienced significant net outflows on October 23, 2025, as the market recorded a net withdrawal of $128 million for the day.
Notably, none of the nine available ETH ETFs reported net inflows that day, a sharp reversal from the brief inflow streak seen earlier in the month.
This broad-based exodus reflects growing caution among institutional players, who appear to be reallocating toward perceived safe havens as Ethereum’s price momentum wavers.
Tracker data from SoSoValue highlighted that spot ETH ETFs recorded outflows on eight of the past 11 trading days. By contrast, the altcoin enjoyed eight consecutive days of net inflows in early October.
On October 23, the Fidelity Ethereum Fund (FETH) led outflows with withdrawals totaling $77 million.
Meanwhile, BlackRock’s iShares Ethereum Trust (ETHA) saw more than $23.5 million leave, and Grayscale’s Ethereum Trust (ETHE) registered outflows exceeding $8.8 million. Invesco, Franklin Templeton and 21Shares reported neutral flows for the day.
By comparison, spot Bitcoin ETFs showed resilience, drawing $20.33 million in net inflows on the same day. BlackRock’s iShares Bitcoin Trust (IBIT) led the gains with a robust $108 million in net inflows.
Cumulative inflows into ETH ETFs since their debut now total $14.45 billion, versus $61.89 billion for Bitcoin. Although Ethereum trails Bitcoin in absolute institutional adoption, trends in institutional activity indicate rising bullish interest in ETH.
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. 🛡️
— Cosmos Health Inc. (Nasdaq: COSM) (@CosmosHealthInc) October 24, 2025
Ethereum price outlook ahead of today’s CPI data
The market awaits the Bureau of Labor Statistics’ CPI report due at 8:30 a.m. ET on October 24.
Ahead of the release, Ethereum was trading around $3,980, up nearly 3% over the past 24 hours. That advance brings ETH close to the key $4,000 level, and short-term prospects now hinge on the inflation signal.
Economists expect year-over-year CPI of 3.1%, up from 2.9% in August, while core inflation is forecast to remain around 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.
2⃣ CPI <= 3.1% — This could ease pressure on risk assets.
— Ash Crypto (@Ashcryptoreal) October 23, 2025
A CPI print at or below expectations could relieve pressure on risk assets and potentially trigger short coverings in ETH futures.
Short positions could be squeezed if prices surge next week amid a Fed path that markets expect will become more dovish.
With the relative strength index around 46 indicating room for upside, a successful retest and sustained move above $4,000 could open targets near $4,300 and $4,500.
However, failure to breach key resistance after the CPI release, combined with other market pressures, could prompt a pullback toward support near $3,745.