Ethereum ETF Outflows Hit $128M as CPI Data Looms, ETH Holds Near $4,000
Introduction
The Ethereum market is navigating a complex landscape of institutional caution and macroeconomic anticipation. As of October 24, 2025, the price of Ethereum (ETH) is holding firm near the psychologically significant $4,000 mark, trading above $3,980 with a 24-hour uptick of nearly 3%. This price resilience comes despite a significant wave of institutional selling pressure, with spot Ethereum exchange-traded funds (ETFs) recording net outflows of over $128 million on October 23. All eyes are now fixed on the imminent release of the US Consumer Price Index (CPI) data, an event that could dictate the short-term trajectory for the world’s leading altcoin. This article delves into the details of the ETF outflows, analyzes the critical price levels for ETH, and explores the potential market impact of the upcoming inflation report.
Ethereum Spot ETFs See $128 Million in Outflows
October 23, 2025, marked a distinctly bearish day for institutional sentiment toward Ethereum. Data from ETF tracker SoSoValue confirms that spot Ethereum ETFs trading on US exchanges witnessed net outflows totaling $128 million. A striking feature of this sell-off was its uniformity; none of the nine available ETH ETFs posted net inflows for the day. This represents a sharp departure from the intermittent positivity observed earlier in the month and underscores a growing caution among institutional investors.
The data reveals a recent pattern of weakening demand. ETH spot ETFs have experienced outflows in eight of the past eleven trading days. This trend contrasts sharply with the start of October when the altcoin notched eight consecutive days of net inflows, highlighting a significant shift in investor behavior over a relatively short period.
Leading the exodus was Fidelity’s Ethereum Fund (FETH), which saw substantial withdrawals of $77 million. BlackRock’s iShares Ethereum Trust (ETHA) followed with outflows of over $23.5 million, while Grayscale’s Ethereum Trust (ETHE) recorded outflows of over $8.8 million. The ETFs from Invesco, Franklin Templeton, and 21Shares reported zero net flows for the day, indicating a neutral stance amid the broader negative sentiment.
A Tale of Two ETFs: Ethereum vs. Bitcoin Flows
The institutional narrative diverges sharply when comparing Ethereum to Bitcoin. On the same day that ETH products bled $128 million, Bitcoin spot ETFs demonstrated notable resilience by attracting a total net inflow of $20.33 million. BlackRock’s flagship iShares Bitcoin Trust (IBIT) was the primary driver of this positive flow, drawing in a robust $108 million in net inflows.
This divergence is further contextualized by their cumulative performance since launch. Cumulative inflows for ETH ETFs now stand at $14.45 billion. While a substantial figure, it pales in comparison to Bitcoin’s towering cumulative inflow of $61.89 billion. This disparity illustrates Bitcoin’s continued dominance as the preferred institutional gateway into the digital asset space.
Despite this lag, broader trends suggest a maturing role for Ethereum within corporate and institutional portfolios. As highlighted in a tweet from Cosmos Health Inc., treasury firms and ETFs now hold 12.5 million ETH, representing 10.31% of the total supply not held by the Ethereum foundation or early contributors. This accumulation points to a structural shift where capital is not merely being stored but is increasingly being used for earning, staking, and governance within the Ethereum ecosystem.
Ethereum Price Outlook Ahead of CPI Data Today
Against the backdrop of institutional outflows, Ethereum’s price has shown remarkable stability. The asset’s ability to maintain a position near $3,980 and test the $4,000 resistance level underscores underlying trader optimism. This optimism is largely tethered to the upcoming US CPI report scheduled for release at 8:30 a.m. ET on October 24.
Market expectations, as disseminated by commentators like Ash Crypto, are set on a year-over-year CPI figure of 3.1%. This would represent an increase from the previous month’s reading of 2.9%, while core inflation is anticipated to hold steady at 3.1%. The market’s reaction will be highly sensitive to any deviation from these forecasts.
A CPI print at or below expectations is viewed as a potential catalyst for risk assets like Ethereum. Such an outcome could alleviate fears of persistent inflation and reinforce expectations for monetary easing from the Federal Reserve. This scenario could ignite a short squeeze in ETH futures markets, where traders who have bet against the price could be forced to cover their positions amid a rapid price increase, particularly with a Fed rate cut anticipated the following week.
From a technical perspective, Ethereum’s relative strength index (RSI) sits at 46, signaling neither overbought nor oversold conditions but hinting at a potential divergence to the upside. A successful retest and sustained break above the $4,000 resistance level could open the path toward higher targets at $4,300 and $4,500.
Conversely, should Ethereum stumble at this key resistance following the CPI release—especially if the data comes in hotter than expected—the altcoin could face a pullback toward its immediate support level around $3,745.
Strategic Conclusion: Navigating Uncertainty with Key Metrics
The current state of the Ethereum market is a study in conflicting signals. On one hand, significant and consistent outflows from spot ETFs reveal a cautious and potentially risk-averse institutional stance. On the other hand, retail and speculative traders are providing enough support to keep ETH poised at a critical technical juncture ahead of a major macroeconomic event.
For professional crypto readers and investors, navigating this environment requires close monitoring of several key indicators beyond just price. First, daily ETF flow data will be crucial in determining whether the institutional exodus is a short-term correction or the beginning of a longer-term trend. A return to net inflows would signal regained confidence.
Second, today's CPI data release will be an immediate volatility trigger. Investors should watch for how ETH price reacts at the $4,000 level post-announcement—a firm hold and break above is bullish, while a rejection could signal a deeper correction.
Finally, while Ethereum's cumulative ETF inflows trail Bitcoin's significantly, its growing adoption as a productive asset for corporate treasuries through staking and governance represents a fundamental strength that differs from Bitcoin's "digital gold" narrative. This structural demand could provide a long-term floor for ETH's value independent of short-term ETF fluctuations.
In summary, while short-term price action hinges on CPI-driven sentiment, Ethereum's medium-term trajectory will be shaped by whether institutional flows can realign with its strengthening fundamental use cases. The coming days will provide critical data points to assess this balance.