- Ethereum price is hovering around the key level of $4,000.
- According to market data, the ETH Spot ETF recorded net outflows of over $128 million.
- ETH bulls are bracing for a rally due to trader expectations regarding the US Consumer Price Index (CPI).
Ethereum (ETH) price is up slightly, trading above $3,980 at the time of writing, up nearly 3% in 24 hours.
This comes despite the flagship altcoin market facing institutional outflows from spot exchange-traded funds (ETFs).
Traders watching today’s key U.S. Consumer Price Index (CPI) release are also adding optimism due to expectations for clues on Federal Reserve policy.
For ETH, the reaction to this reading could indicate Ethereum’s near-term price trajectory.
$128 million leaked from Ethereum Spot ETF
The Spot Ethereum ETF traded on US exchanges experienced significant negative flows on October 23, 2025 as the market witnessed a net outflow of $128 million.
Notably, none of the nine available ETH ETFs recorded net inflows on the day, a sharp contrast to the intermittent positive gains seen earlier in the month.
This uniform outflow reflects growing caution among institutional investors as Ethereum price momentum slows, and they appear to be reallocating to investments that appear to be safer havens.
Data from ETF tracker SoSoValue highlights that the ETH Spot ETF witnessed outflows in 8 out of the past 11 business days. In contrast, altcoins recorded eight consecutive days of net inflows in early October.
On October 23rd, Fidelity’s Ethereum Fund (FETH) led the outflow with $77 million in withdrawals.
Meanwhile, BlackRock’s iShares Ethereum Trust (ETHA) saw outflows of over $23.5 million, and Grayscale’s Ethereum Trust (ETHE) recorded over $8.8 million outflows. Invesco, Franklin Templeton and 21Shares had zero net flows.
In contrast, the Bitcoin Spot ETF showed resilience, attracting total net inflows of $20.33 million on the same day. BlackRock’s flagship iShares Bitcoin Trust (IBIT) led the gains, attracting a massive $108 million in net inflows.
Cumulative inflows into the ETH ETF since its debut now stand at $14.45 billion, compared to $61.89 billion for Bitcoin. Despite Ethereum being a laggard compared to Bitcoin, institutional adoption trends indicate an increase in bullish bets on ETH.
Ethereum is quietly becoming an enterprise standard.
The Treasury and ETF currently hold 12.5 million ETH, which is not noise but 10.31% of the total supply, that is the structure. 🛡️
👉 This marks a very important change. Capital is no longer just being stored, it is making profits, betting, and controlling society… pic.twitter.com/VFZopRTF0d
— Cosmos Health Inc. (NASDAQ: COSM) (@CosmosHealthInc) October 24, 2025
Ethereum price outlook ahead of today’s CPI data
Markets are bracing for the CPI report to be released by the Bureau of Labor Statistics on October 24 at 8:30 a.m. ET.
Prior to this, Ethereum price rose nearly 3% in the past 24 hours, hovering around $3,980. This rally brings ETH closer to the key $4,000 level, with short-term expectations dependent on inflation signals.
Economists expect the CPI to rise 3.1% year-on-year, down from 2.9% in August, and core inflation to remain stable at 3.1%.
🇺🇸 US CPI will be released tomorrow at 8:30am ET.
Market expectations were 3.1%, and last month’s CPI was 2.9%.
Here are various scenarios:
1⃣ CPI > 3.1%
This will be bearish for the market.
This is to mark the highest CPI record since June 2024.
2⃣CPI… pic.twitter.com/uEl435PNa2
— Ash Crypto (@Ashcryptoreal) October 23, 2025
A stock price that is in line with or below expectations could reduce pressure on risky assets and trigger a short squeeze in ETH futures.
Short sellers could face liquidation if prices spike ahead of next week, when the Federal Reserve is expected to cut interest rates.
With the Relative Strength Index at 46 suggesting a divergence to the upside, a successful retest and persistence above $4,000 could bring $4,300 and $4,500 into play.
However, the altcoin could retreat to the support at $3,745 as it stumbles on a key resistance level after the CPI announcement and other market conditions come into play.
