the same way it did in the 1st round - ZERO effect.

Well, not zero effect really, is it?
The fire-sale caused by panic-sellers is a good indication that I and other hodlers will start buying cheap Bitcoin soon.
So it does have a positive effect on my financial status.

But in the long term, it does not have any negative effect on Bitcoin. I would agree with you on that.
It does seem a bit strange that people still panic sell, after everything Bitcoin has been through, though...