On-chain data flagged by Onchain Lens and Arkham Intelligence suggests the Royal Government of Bhutan, through wallets attributed to Druk Holding & Investments, may have sold roughly 700 BTC worth about $50 million. The new report expands on an earlier transfer of 325 BTC to a wallet linked to Galaxy Digital by identifying two large transfers and a higher estimated total amount moved. The source does not confirm that a sale took place, but says the transactions have prompted market speculation about disposal of government-held Bitcoin.