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That figure is a Steem (the network software) statistic that tracks how many blocks were produced compared to how many witnesses were scheduled recently. It's there mostly to indicate forks, so a forked witness or group of witnesses will automatically stop producing if their software sees that the participation rate is say less than 25%. It's a setting in the software's configuration file.

Ok. Well, my guess was wrong. I see we have ~half the consensus witnesses, but I fail to see why the exchanges couldn't quickly change that. They remain powered up. Pretty sure that's why.