I believe we may not have adjusted to the 2013 Adsense business model and are still thinking that it's the same one from years past.
The original model was:
Advertisers pay Google > Publishers display ads > Google pays publishers
I am thinking the new model is:
Advertisers pay Google > Publishers display ads
Yesterday was record breaking for visits, page views, pages/visit with the lowest bounce I've ever seen yet, CTR was 22% of normal and EPC was laughable - 20 clicks to make $1 USD.