Remember that ketones in the blood are only the ones not actually being used yet and just on their way to being used.
@richard has speculated, and I agree with him, that when someone is deep enough into being fat-adapted, they will see lower blood ketones because their body is using them better. I believe that Dr. Dominic D’Agostino has also made this point.
I think ketone testing is like weighing on the scale - doing it too often leads to confusing results and the best indicator is testing at the same time whether that is daily, weekly, etc. and charting over time. Personally I find that testing in the morning, but a couple of hours after I’m awake because I experience the “Dawn Phenomenon” has a good correlation with how I feel; if ketones are low then, I usually feel worse at that time, too.
There’s probably more variability in the rising and falling of ketones rise in response to food and activity and I think they’re more disconnected than expected when testing after eating certain foods and/or exercising.
In other words, the relationship between blood glucose and food/activity is pretty tight, but I don’t think ketones respond along the same timeline, unless blood glucose is high and then the body deliberately avoids making ketones in order to get the blood glucose down.