Are we missing a hidden factor in Telegram Ad delivery?

Hey everyone,
My campaigns are still getting impressions and clicks but conversions have dropped quite a bit. CTR looks normal and the creatives that worked before are still being used yet the overall results are much worse.
I have tested different budgets, new creatives and multiple targeting options but nothing seems to bring performance back.
It feels like there is some factor affecting delivery quality that is not visible in the dashboard. Has anyone else experienced this ?
What do you think is causing it and how are you dealing with it when campaigns suddenly stop performing even though the metrics look fine?

The issue is not the ad itself but the Quality of the audience being reached. A campaign can continue generating impressions and clicks while the users seeing the ads become less likely to convert. competition can also increase over time , which affects traffic quality without showing any obvious warning in the dashboard.

I usually took beyond CTR and focus on conversion rate , audience segments , landing page behavior and traffic Quality. And the hidden factor is often a change in audience intent or traffic quality rather than a delivery problem with the ads themselves.

I have seen this before. If CTR is stable but conversions drop, it's a traffic quality issue.

I would focus on retention and subscriber quality rather than clicks. Sometimes the traffic looks the same on paper, but the user are completely different