Instagram's Threads is quickly closing in on competitor X, with 115.1 million daily active users in June 2025, reflecting a significant 127.8% year-over-year growth, according to Similarweb. X followed closely with 132 million daily active users but experienced a decline of 15.2% annually. Notably, the decentralized network Bluesky grew 372.5% year-over-year, yet only counts 4.1 million daily users. As Threads gains momentum, it may increasingly compete for advertising revenue against X.