Reddit ads - CTR good but falls off quickly?

I've been running ads for a game project on Reddit this past week, and initially had very promising results. CTR for the best performing creatives was up to 1.9% with a few 10s of thousands of impressions, which is very good as I understand it.

After a few more days, I'm up to 100k impressions, but the CTR for the same creative has dropped to 1.5%. This still seems good, but my results (steam wishlists) are down even more. From 200 wishlists on the second day, down to around 50 per day now.

Is this a sign that I have reached a good chunk of my audience on reddit already? If so, it feels like a bad sign for future campaigns.

Anyone with experience with Reddit ads like to chime in? It's still going significantly better than the last campaign I ran for a different game, but I want to get the most out of it.

You might also test running the same ad on a different subreddit with similar interests, new eyeballs, same hook.

Sounds like you’re hitting audience saturation the initial spike pulls in most interested users, then performance naturally dips. To keep results strong, try refreshing creatives, testing new targeting, or expanding to lookalike audiences. Reddit ads can plateau fast, so constant optimization is key.

When results start dipping, it might also mean your messaging needs tweaking not just the audience. Experiment with fresh angles or highlight new features to rekindle interest and extend your campaign’s lifespan.

Check if your bidding strategy is still competitive, lower bids can reduce visibility.