Ethereum has experienced its first significant decline in validator numbers since transitioning to a proof-of-stake (PoS) system. As of November 11, the number of daily active validators fell below 1 million, marking a return to levels last seen in April 2024. The current count stands at 999,203, reflecting a 10% decrease since July. The exodus has led to a record-high waiting time of 17.6 days for validator exits, while new validators face a 22-day wait. Additionally, approximately 1.2 million ETH is pending staking, a situation potentially linked to declining staking rewards.