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I just saw that Bhutan moved another large batch of Bitcoin. According to on-chain data, the government transferred 319.7 BTC recently, which is around 24 million dollars at the current price.
The interesting thing is that the movement was split between two wallets: one that appears to be new (probably towards an exchange), and another that had been used before for sale transfers. If so, it could mean they are preparing to liquidate another part of their holdings.
This is not the first time we've seen this from Bhutan. The government has been moving their BTC strategically. The question now is whether they will actually sell or are just reorganizing their reserves. Anyway, these movements always cause noise in the market.