I saw a graph recently from when Digg lost popularity and initially both Reddit and Digg saw a boost in traffic at the same time, likely people complaining about the changes or watching the consequences. Reddit kept growing from the boost and Digg saw a steep drop off then steady decline.

So it’s possible July will see inflated numbers compared to what August will be. It’s also possible those inflated numbers happened during the blackout and the decline will start happening now as API changes go into effect.