Let's think outside of the box here. Perhaps the drop in small donor donations is not reflecting a lack of enthusiasm about Biden or an apathy about Trump. Maybe it is tied to the downfall of Twitter.

"The new data also suggests that the threat of Donald Trump, once a huge driver of Democratic fundraising, is not motivating donors like it used to."

How many politicians have switched to alternative platforms? How many journalists? How many pundits? How many campaigns?

https://www.politico.com/news/2023/08/04/biden-dems-grassroots-donations-00109766