I think that's generally correct, although the launch of futures was just one piece of the overall "peak hype." There were inflated expectations all around. I felt the same thing in 2013. 

The bubble/deflation cycle is only natural. I've studied the past runs quite a bit and the best model I've found is one of repeating hype cycles. They're sort of like sine waves as well. At the peak, we have inflated expectations and people think price will never stop rising. Then we crash and most people become disillusioned. Then we return to the mean and wait -- almost in dormancy -- until the next run gets triggered.