Makes sense. Im probably just reading too much into this. How do you think Putin is going to play this? Keep blaming Ukraine? Maybe distance himself from the separatists? "Mistakes were made"?
Speculation is fun, but at the end of the day, Occam's Razor is usually a good rule of thumb until the evidence points otherwise.
I suspect Putin will pretty much stop supporting the rebels entirely at this point. He wont publically say anything, I'm fairly sure, but Moscow has to prioritise its relationship with America, as rocky as that is, over the rebels. Crimea is secure, eastern Ukraine was always a bonus prize at best, a testing ground for the limits of "special warfare" in actuality, and now a headache and pain in the arse.
In Putin's position, I'd close the border and let NATO support Kyiv to the hilt. Russia has the long-term advantages in Ukraine anyway, a fight was never the smartest option from that POV.