There will be a temporary massive panic in the BTC market if/when Satoshi starts to sell his huge pile of virgin coins. This will present a great opportunity for people with the guts to go against the crowd. The damage could be more severe and long-lasting if it combined with bad news related to the on-going post-FTX drama, and more countries "banning BTC", etc. Our bear markets get pretty predictable after a while, but the FTX hangover is real and not over with yet.
What if also coins are moved out from other wallets to the Genesis wallet or any other wallets rumoured to belong to Satoshi? What do you think will happen to the price of Bitcoin? It will spike, right? Well, I would think that if coins begin to get sold from these wallets now that we're in a bull run it won't cause much panic. People will hardly notice it. Panic might come if it were done in the bear season but definitely not now.
I kind of view this in the opposite side that there may be serious panic selling of BTC in the short term because if people suddenly start to see selling of Bitcoin on the address that is linked to Satoshi, It would seem like Satoshi got vital information and that's reason to sell, especially now that the bull market is around the corner, even me I will be curious to know , having known that we are about creating a new ATH. A lot of investors would be wondering why the address is selling despite the fact that Satoshi doesn't control or manipulate the price of Bitcoin.