Receiving Addresses counts distinct addresses that appeared on the output side of the day’s transactions. It isolates destination breadth. One address counts once whether it received a small payment or a large transfer, so the series tracks how widely outputs were distributed across receiving addresses.
A rise means transfers were spread across more destination addresses. A decline means receipts were concentrated in fewer addresses. The series is most informative against Sending Addresses or transfer value when the issue is whether receive-side activity is broad or narrow despite meaningful value movement.
The main caveat is that receiving addresses are not the same thing as users or end demand. One entity can receive through many addresses, and broad receiver counts can come from address management or output splitting as well as wider distribution.
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