I've never noticed liquid volume decreasing as long as the bottle is kept closed. I would personally advise against leaving the liquid in an open container to "steep" it. Nicotine reacts with air as well as light to oxidise into other less active compounds, and therefore I think it is best to keep liquid in a tightly sealed container, in a dark place. Potentially I think leaving it in an open container for a significant length of time could lower the nicotine level. It's also worth noting that the base (PG, VG, PEG) are all
humectants that absorb water from the atmosphere.
I have been making DIY
e-liquid for a short time and even when kept in a tightly closed bottle, and I have noted that you do get a flavour change within a few days from when it's first mixed, as well as a colour change. That is the only steeping that I do, personally.
These are all bottles I've mixed over the last few weeks, and they all start out as essentially colourless liquids when first mixed together, and take on colour within a few days of mixing (I use Flavourart and Decadent Vapours flavourings).