So the numbers don't lie. It's not a question, its a statement.
Regardless if it is or its not is not as important as why. If its not than why? if is, again why?
I personally have seen a huge movement of tech centrist people come and then leave and go back to places like twitter, which I personally feel is really sad. We need less tech people being complacent to fascism, honestly it's a real problem.
But going back to what matters. Why? Why are people leaving bluesky? You maybe in a niche community of "fury art fans" and feel its lively right now, maybe you get your daily dose of "trump pee'd in his own cheerios again today" type posts.
Beyond all that, I personally can see the high water mark and what seems like since the start of the year the tide has been going out.