Even if the stats are off by a factor of 10 it wouldn't matter. You could remove the numbers from the user axis entirely and it would paint the same story: there were massive user influxes after the 2024 US election and the inauguration in January, but user retention has been on a steep decline for the year+ since.

Again, this is not a reflection of anything bad about Bluesky as a user. IMO a smaller and more focused is a good thing for the actual community, hence why I read/post on HN and not Reddit or Twitter. However as an investor there's basically no way to interpret those statistics as anything but bad.