Are you doing single infusion? When I started doing no sparge (for Low O2 as well) I went from 75% down to 55-60%, then I started doing a few infusion steps and things went back up to about 70. I don't know if the difference is based on the fact that I have the multiple steps in there, or that the total time of the mash from dough in to boil probably increased 20%, or that I am agitating the grain bed more times throughout the process.
My "shoot from the hip" answer would be the longer mash time and the stirring (very gentle, just enough to mix in the boiling water addition) at each of those steps is what does the bulk of the increase.