Below is a chart I create for my state (Oregon).
I removed the Y-axis because the number is not relevant – it is the trend that is important. As the line drops to the right, this indicates fewer patients are hospitalized for Covid-19 relative to the number of people diagnosed with Covid-19.
This could occur for many reasons with the most likely being that far more young people have tested positive for Covid-19, and due to age, were less likely to be hospitalized. Another possibility might be that the disease is somewhat less virulent. Who knows? I suspect age is the primary factor.
Note that I compare the most recent week of hospital census figures to the sum of new positive test cases one week ago (days 8-14). This is because people get sick, and then 1 to 2 weeks later, they end up in the hospital. Last I looked it was a median of 12 days from positive test to hospitalized, for those that end up in the hospital.
Please remember that I am an idiot with no health care experience. I observe things and ask stupid questions. My comments are for entertainment purposes only.