As you say, for every up-vote on a blog or comment increases the steem supply.
There is no demand for steem ie. what can you purchase with it - very little. For example, compare that to say Dash that is used in South America.
Steem is down, but so are the other crypto alt-coins and have not recovered to the extent like Bitcoin.
Once Bitcoin rises to its previous all-time high or above, we will see the new crypto investors entering the market. Put off by Bitcoin's high price, they will flock to the alt-coins (as well as current investors) just as they did in the previous bull run.
Just my thoughts from your vlog.
I agree, I also believe some of those BTC's will eventually find their way to Steem.