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(And check on agdq.ma.pe or alligatr.co.uk how the donations slowed down hard after Mega Man X3... Thursday and Friday were abysmal days in terms of donations. Even though some runs were great - look at GTA Vice City, praised by everyone, but very few donations throughout the whole run! And it was in graveyard shift)
I believe the fall of donations happened as soon as the Awful Games Done Quick block happened, which has always been more of an event darling than a, well, good idea. I think AwGDQ has always caused a dip in donations.
The data you were looking at was not updated with the revised tracker donations. Those days were a significant chunk of the $400k that was missing in the tracker.
Alligatr features the revised tracker donations. The missing $400k were spread out all over the marathon, and if we except the bump on prime time Thursday (from Punch-Out to Yoshi's Island), the donations were pretty low between Mega Man X3 and Zelda The Minish Cap. Friday is without a doubt the weakest day, even when counting the missing $400k.
I believe the fall of donations happened as soon as the Awful Games Done Quick block happened, which has always been more of an event darling than a, well, good idea. I think AwGDQ has always caused a dip in donations.
It always did in every edition, however that's quite unusual to have donations that were so low in a day that was supposed to be strong, with Half-Life, Portal, GTA Vice City (adam_ak being one of the most known speedrunners), a very promising PlayStation block, heck, even Werster and Metroid Prime/Zero Mission didn't fare well!
Also remember that the PS4 prize ended right after Mega Man X3... Which was in my opinion a stupid mistake because it was done deliberately. My bet on this.