Ethereum staking ecosystem has experienced an interesting reversal. According to on-chain validator data, the exit queue of up to 2.67 million ETH in September this year has been cleared to zero. Meanwhile, the entry queue for new validators has surged fivefold in the past 30 days, now accumulating to 2.5978 million ETH — a new high since July 2023.

The changes reflected behind the data are quite straightforward: there used to be a large number of validators eager to exit, but now there is a long queue of people wanting to join. The current average waiting time in the queue has extended to 45 days, indicating that the enthusiasm for participating as an Ethereum validator continues to rise. This shift may suggest that market confidence in Ethereum's long-term prospects is recovering, or that staking yield expectations have changed, attracting more participants to join the validator ranks.