The only thing that will suppress the bitcoin price is the fact that the big institutional investors will buy btc futures,instead of buying bitcoins.This demand won`t help for increasing the bitcoin price.
I can`t agree completely with your theory about the futures contracts.I think that futures and all the other derivatives are like market gambling.One player bets for a higher asset price is the future,the other player bets for a lower price.It doesn`t matter that the futures contracts are more than the bitcoin mined.
It`s just gambling.
That being said, it will still hinder the progress of the rise of bitcoin. It will surely make a lot of fiat to go towards it that is owned not just by big institutional investors but it will also attract whales as well but it will only be temporary. I like normal gambling on btc gambling sites more though rather than bet with CME futures though. Considering it's effects in the long run, I think it won't be that massive as it will only temporarily draw away investors from btc.