I've seen this pattern a thousand times in my own campaigns. Spend staying level while sales vanish into thin air? It's almost never Meta just breaking for no reason - it's usually one of these sneaky shifts creeping in. Creative fatigue hits like a brick wall when the same angles stop converting. Audience saturation starts to choke performance if you've been running the same setup too long. Then there's the tracking and attribution gremlins that make results look far worse than reality - a classic pain point. Landing pages or offers drifting away from what people actually want when they click. And of course, competition heating up or CPMs shifting in the auction landscape.
The real trick is digging into funnel metrics individually: CTR, add-to-cart, checkout, purchase. That's where the story breaks open and you see exactly where the drop begins. In most cases, it's not a sudden platform meltdown - it's a screaming signal that something in the creative, offer, or funnel needs a proper refresh.