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Not at all. The decline, welcome as it it, is down to a combination of factors and can't solely be attributed to rising cyclist numbers at this time. If that were true then we wouldn't see the statistics reported in this table here: https://en.wikipedia.org/wiki/Cycling_in_London#Statistics
There's continual growth in cycling numbers between 1999 and 2014 but there are three observable spikes in KSIs. I'm hoping that you aren't going to call those counter-flukes because that really isn't the case. What we can't determine is that the increase in numbers didn't not provide additional safety for cyclists.
The_Seldom_Killer
So the fact that absolute numbers of KSIs and fatalities have dropped year on year, while number of trips by cycle increased is a fluke?