Well it looks like something is happening to him, but it could be anything, and he is evidently still physicaly present. With all the focus Psychoman has been getting, I think it's high time they revealed just what his deal is and, if he actually has another identity, that he should reveal it to us. Still hoping for God of Intelligence so we can have some Fated Princes arc stuff.
Well I read a google translation of this chapter yesterday and Psychoman says that the dial has been changed since a long time ago and will no longer cause all of the Origin to disappear (It seems him and Enma were the only ones who knew this truth). He goes on to say that instead just him alone will suffice.....and then something along the lines of those who break the perfect code.
So I don't know whether it was always only going to be Psychoman, or if he is implying that he's disappearing since he was defeated, but hadn't killed himself.
I guess this means we still have a showdown with Shogun, Silverman and Enma to take place, along with the inevitable battle between Nemesis and Suguru.
I'm glad of this twist, I was worried we were approaching end-game for a moment then!