- Ethereum price hovers near the key $4,000 level.
- Market data show spot Ethereum exchange-traded funds (ETFs) recorded a net outflow of more than $128 million.
- Traders’ expectations around the US Consumer Price Index (CPI) are prompting ETH bulls to prepare for a potential rally.
The price of Ethereum (ETH) edged higher, trading above $3,980 at the time of writing, representing nearly a 3% gain over the past 24 hours.
This upward move comes even as the flagship altcoin faces institutional outflows from its spot exchange-traded funds (ETFs).
At the same time, today’s release of the US Consumer Price Index (CPI) has added cautious optimism as markets look for clues on the Federal Reserve’s policy direction.
Like other assets, Ethereum’s short-term price path is likely to respond to the CPI print and subsequent market reaction.
Spot Ethereum ETFs See $128 Million Outflow
On October 23, 2025, US-listed spot Ethereum ETFs experienced a noticeable negative flow, with a net outflow of $128 million across the market.
Notably, none of the nine available ETH ETFs posted a net inflow on the day, a marked reversal from the sporadic positive flows seen earlier in the month.
This broad-based outflow reflects rising caution among institutional investors, who appear to be reallocating toward perceived safer havens as Ethereum’s price momentum softens.
Tracker data from SoSoValue indicate spot ETH ETFs have recorded outflows on eight of the past 11 trading days. By contrast, Ethereum saw eight straight days of net inflows in early October.
On October 23, Fidelity’s Fidelity Ethereum Fund (FETH) led outflows, withdrawing $77 million.
Meanwhile, BlackRock’s iShares Ethereum Trust (ETHA) recorded more than $23.5 million in outflows, and Grayscale’s Ethereum Trust (ETHE) saw over $8.8 million leave. Invesco, Franklin Templeton and 21Shares reported zero net flows for the day.
By comparison, spot Bitcoin ETFs showed resilience, attracting a combined net inflow of $20.33 million on the same day. BlackRock’s iShares Bitcoin Trust (IBIT) led the gains with a steady $108 million net inflow.
The cumulative inflow for ETH ETFs since their debut stands at $14.45 billion, compared with Bitcoin’s $61.89 billion peak. Despite Ethereum lagging Bitcoin in absolute institutional flows, adoption trends point to growing bullish positioning 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. 🛡️
👉 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 Release
Markets are braced for the Bureau of Labor Statistics’ CPI report due at 8:30 a.m. ET on October 24.
Heading into the release, Ethereum is trading near $3,980, up roughly 3% over 24 hours. That keeps ETH close to the psychologically important $4,000 mark, with short-term direction hinging on inflation signals.
Economists forecast headline CPI at 3.1% year-over-year versus 2.9% in August, 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 might trigger a short squeeze in ETH futures.
Short positions could face liquidation if prices rally sharply in the days after the release, particularly as markets price in an eventual Federal Reserve rate cut.
With the relative strength index around 46 and hinting at bullish divergence, a successful retest and sustained move above $4,000 could open targets at $4,300 and $4,500.
Conversely, if ETH meets significant resistance after the CPI release amid other adverse market conditions, it could retreat to support near $3,745.