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 On November 13, 2025, a signal came from the Ethereum network that shocked the crypto community: the number of validators officially fell below the million mark! This is not only a decline in technical indicators, but also the most serious "loosening of trust" event in the Ethereum ecosystem since the launch of the PoS mechanism. A "Silent Evacuation": Why did Ethereum validators quit en masse? According to The Defiant, Beaconchain’s latest data shows: Since July this year, the number of daily active validators on Ethereum has dropped by about 10%, to the lowest level since April 2024. 📉 As of November 11, 2025, the number of daily active validators on Ethereum is only 999,203 - the first time the network has experienced a drop of this magnitude since the network switched from PoW (Proof of Work) to PoS (Proof of Stake). This means:
Their departure is not just a technical operation, but also a market signal - "The lock-in profit is no longer worth the risk. ” Why did they choose to "leave the market" at this time? 1️⃣ Income shrinks and staking becomes unprofitable Since the second half of 2024, the ETH staking yield has been declining, from 6%-7% in the past to only 3%-3.5% today. When inflation and market fluctuations are superimposed, the staking income is not even enough to cover the opportunity cost. At the same time, many large staking institutions (including Lido, Coinbase, Kiln, etc.) began to reduce their ETH pledge shares to release liquidity and shift to a more flexible DeFi income strategy. 2️⃣ The price of ETH fluctuates, and some institutions choose to "take it easy"” In the second half of 2025, the price of ETH fluctuated repeatedly at high levels, and investors were worried that the bull market had peaked. Some early validators chose to "unstake + liquidate" when ETH was still at a high level, and exiting with profits became a rational choice. It is worth noting that validator exit queues are currently at an all-time high. According to ValidatorQueue data:
This means that the network has a rare "two-way congestion": 👉 Those who want to get in can’t, 👉 You can’t get out of anything you think of. 3️⃣ The pressure on centralized pledge institutions is rising, and systemic risks are looming Currently, more than 70% of Ethereum's pledges are controlled by a few large institutions. This type of centralized structure often becomes the source of the “first wave of withdrawals” when the market is unstable. Once there is a large-scale defunding of Lido or Coinbase, it will trigger a chain reaction:
What does it mean for ETH to fall below one million validators? From a security perspective: Ethereum’s PoS mechanism relies on “distributed trust”. The more validators there are, the more decentralized and secure the network becomes. When the number of validators continues to decrease, the network's ability to resist attacks will decline. Especially in the future when facing high-complexity scenarios such as cross-chain assets, L2 bridging, and MEV arbitrage, the safety margin will be compressed. More critically, this decline may symbolize a "loss of trust":
The "undercurrent" of the market: Is the PoS model experiencing coldness? Looking back at history, every qualitative change in the consensus mechanism will be accompanied by a test of trust. From "The Merge" in 2022 to the "Shanghai Upgrade" in 2023, Ethereum has achieved a leap in technology； But now, the world's second largest blockchain is facing an economic test. Many people in the industry began to discuss: 👉 Is the PoS mechanism over-financialized? 👉 Will the decline in validator yields lead to a worsening of the network’s “centralization trend”? 👉 When the foundation of trust is shaken, can ETH’s status as the “underlying asset of the digital economy” remain stable? The winter of Ethereum, or the eve of rebirth? The current "validator ebb" may be a "healthy clearing" - the market is forcing the Ethereum ecosystem to rethink: how to make the PoS mechanism more sustainable. But it may also be a prelude to capital flight. If the price of ETH falls further and staking returns remain sluggish, a large-scale wave of unstaking may continue throughout Q4.
The next few weeks will be a critical window period to test the trust of the Ethereum ecosystem. Can ETH regain the confidence of validators? Or will it start a new round of decentralized fission and reorganization? Let’s wait and see! I recommend a book that can change your destiny, "The Four Lessons from the Mortal Realm". |
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