As soon as the futures go live they will have an effective tool to control the price of bitcoin. Right now bitcoin is untested in a crisis, & attracting a lot of get rich quick money, not risk off money. There is no perfect system, when too few have power they abuse it.
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You are right about the hot/blind money in bitcoin. However bitcoin is not a crop or metal that you are buying future supply so future market is really a joke. The future market will remain a casino for those betting in fiat for fiat.
There are a lot of very smart & corrupt people working on those futures, so I think there is a hi chance of price manipulation. I am hopeful but have studied too much history.