I don't think his comment was baseless. The basis for it is seeing that vote buys are way down once some of the rewards are removed. That does indeed suggest that the actual demand (apart from wanting to get all or most of your purchase back from rewards) is pretty low (he did write "0 demand" which is hyperbole at best, and indeed baseless if not).

Again, though, I will say that it is too early to rush to conclusions. We'll need to see how the market plays out over coming months.