Bitcoin traded in the red having failed to establish a foothold above $116,000 as whales rotated more funds into ether.

The London Stock Exchange Group (LSEG) said it facilitated the first transaction on a new blockchain-based platform for private funds.

LSEG’s Digital Markets Infrastructure (DMI), built using Microsoft Azure, is designed to use blockchain technology across the full lifecycle of an asset, from issuance to settlement, with greater scale and efficiencies than existing systems, according to a Monday announcement.

Investment manager MembersCap and digital asset exchange Archax were onboarded as DMI’s first clients and conducted the first transaction, which raised money for MembersCap’s MCM Fund 1.

LSEG said it will ensure DMI works with current market services in blockchain technology as well as traditional finance (TradFi).

DMI and its first transaction are «significant milestones demonstrating the appetite for end-to-end, interoperable, regulated financial markets» blockchain technology, Dark Hajdukovic, LSEG’s head of digital markets infrastructure, said in the statement.

TradFi exchanges in numerous markets have been embedding blockchain technology into their platforms as a means of increasing efficiency and reducing costs. Last week, the Nasdaq filed a proposal with the U.S. Securities and Exchange Commission (SEC) to tokenize stocks on its exchange for trading on the blockchain with trades assigned the same priority as the legacy method.

Glassnode data shows that all wallet cohorts have returned to distribution mode, with a net selling of bitcoin, according to the Accumulation Trend Score breakdown by wallet cohort.

This metric disaggregates the Accumulation Trend Score to show the relative behavior of different groups of wallet. It measures the strength of accumulation for each balance size based on both the entities’ size and the volume of coins acquired over the past 15 days. (For more details on the methodology, see this Academy entry.)

• A value closer to 1 signals accumulation by that cohort.
• A value closer to 0 signals distribution.

Exchanges, miners and other similar entities are excluded from the calculation.

Currently, all cohorts, from wallets holding less than one bitcoin to those holding more than 10,000, are net sellers. This follows last week’s rally, when some whales — most notably the 10-100 BTC and 1,000-10,000 BTC cohorts were buying. They have since flipped back to selling.

Bitcoin was recently hovering near $117,000 after Asia’s trading session pushed it up from $115,000 dollars over the weekend. Over the past three months, Asia has consistently driven bitcoin roughly 10 percent higher, according to Velo data. In contrast, the European trading session has been marked by pullbacks, which has been seen on Monday so far. In addition, bitcoin is down more than 10% in the EU market over the past three months.

Overall, the market remains in consolidation, a trend likely to persist through September. On current data, the $107,000 marked at the start of September still appears to be the most probable bottom.