I don't think anyone is arguing that player stats across the board are all down. We can all agree they are. Hell, Skial used to have four deathrun servers.
In the context of Skial EU here.

It had its last legs on May and ultimately met its demise by the time Summer vacation started. And who had an increase of players and benefited the most from this during the holiday? Panda. And naturally both would dip once the holidays ended.
Just last week, this is what the server activity looked like
Close to what Skial US looks like: High activity during peak times and declines when nighttime arrives.
Panda has disadvantages of course: it doesn't have the American Timezones to work with (unlike Skial US) and Bhop is, from my perspective, unappealing to most players.
Again the question is: why did the EU server died while the other direct competitor still has activity?