MacRumors published a story that Apple has released the third beta of watchOS 8.5 to registered developers.
Apple Seeds Third Beta of watchOS 8.5 to Developers
Apple today seeded the third beta of an upcoming watchOS 8.5 update to developers for testing purposes, with the software coming a week after the release of the second watchOS 8.5 beta.
Apple Seeds Third Beta of watchOS 8.5 to Developers
To install watchOS 8.5, developers will need to download the configuration profile from the Apple Developer Center. Once installed, watchOS 8.5 can be downloaded through the dedicated Apple Watch app on the iPhone by going to General > Software update.