Ethereum validator count falls to April 2024 levels…exit queue at record high
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Summary
- The number of validators on the Ethereum network has decreased to April 2024 levels, which was reported as the first such decline since the switch to Proof of Stake (PoS).
- At the same time, the exit queue hit a record high, indicating that many validators are unstaking their Ethereum.
- As a result, there could be downward pressure on Ethereum's price in the short term.
The number of validators on the Ethereum (ETH) network has returned to April 2024 levels and is declining, while the exit queue has reached a record high.
On the 13th (local time), The Defiant reported that the number of daily active validators on the Ethereum network has been steadily decreasing to April 2024 levels. This scale of decline is the first since Ethereum transitioned to Proof of Stake (PoS·Proof of Stake).
The decline in Ethereum's validator count suggests that investors are increasingly unstaking to secure liquidity as staking yields fall and market uncertainty grows. Also, the exit queue reaching a record high indicates that many validators are exiting simultaneously.
This is a sign of deteriorating network trust and market sentiment in the short term, but in the long term it can be interpreted as a normalization process in which the staking structure is naturally adjusted.
However, if many validators unstake, the circulating supply of Ethereum entering the market will increase, which is expected to put downward pressure on Ethereum's price in the short term.
