At the Crossroads of Infrastructure Innovation and On-Chain Liquidity: An Analysis of Hut 8's REIT Conversion and Whale-Led XRP Accumulation

As of July 23, 2026, the digital asset market is exhibiting two contrasting patterns: the expansion of physical infrastructure and the accumulation of liquidity tokens. While investment bank Benchmark has aggressively raised its target price for Hut 8, XRP has recovered to the $1.16 level, driven by strong whale accumulation despite retail selling, demonstrating the market's resilience.

Hut 8 is evolving beyond a simple Bitcoin mining company into a power-first data center REIT, which is serving as a catalyst for applying a new valuation framework in the market.

In a report on July 22, 2026, Benchmark raised Hut 8's target price from $165 to $195, an increase of approximately 18%. This marks the second upward revision in the month of July alone, with Hut 8's stock price continuing its steep growth, recording a rise of approximately 120% from the beginning of 2026 to the present.

Hut 8's Institutional Transition and the Role of Beacon Point

The full commercialization of the Beacon Point AI campus in Texas has acted as a key catalyst for this valuation increase. Benchmark defined Hut 8 as a 'power-first data center REIT (Real Estate Investment Trust)' and analyzed that this shift in business model provides an additional upside potential of approximately 75% compared to the current stock price of about $111.

• Successful commercial operation of Beacon Point AI Campus and signing of data center lease agreements
• Ability to secure power and integrate computing resources as an energy infrastructure platform
• Expansion from traditional mining revenue models to high-value AI and data services

In contrast to this infrastructure-led growth, structural changes driven by on-chain data are being observed in the XRP market. Over the past five weeks, large 'whales' holding more than 1 million XRP have accumulated an additional 2.8% of the total supply. This phenomenon coincides with a 'capitulation' signal, where retail investors, unable to withstand market volatility, are selling off their assets.

According to data from on-chain analytics firm Santiment, the number of so-called 'millionaire wallets' holding more than 1 million XRP has seen a net increase of 42 since the beginning of 2026. This marks the first significant growth in this metric since September 2025, suggesting that high-net-worth individuals are utilizing the current price stagnation as a long-term buying opportunity.

$1 Billion Inflow and Earnings Announcement Outlook

The total capital inflow into XRP wallets from January 1, 2026, to the present has been estimated to exceed $1 billion. Despite the price hovering below $2 for an extended period, this large-scale capital inflow is interpreted as a move to secure market downside rigidity and prepare for potential future price surges.

Market attention is now turning to Hut 8's second-quarter earnings announcement and conference call scheduled for August 4, 2026. This earnings report will serve as a critical test to verify whether the new narrative of a 'data center REIT' is translating into actual financial performance and cash flow, which is expected to significantly influence the direction of business diversification for other mining companies.

In conclusion, the digital asset market in July 2026 is showing differentiated growth drivers depending on the nature of the assets. While Hut 8 is driving institutional revaluation based on physical power infrastructure, XRP is building a strong support base through on-chain whale accumulation, preparing for the next market cycle.