The chart illustrates two key metrics for Binance since the start of 2023:
The ratio of Bitcoin sender to receiver addresses (dashed lines, various SMAs).
The closing price of Bitcoin (orange line).
During the late 2023 and early 2024 period, the Sender/Receiver Ratio (especially the 50-day SMA) experienced a prominent surge, indicating a higher inflow of deposit addresses to Binance. This typically signals increased user onboarding and, at times, market participants moving funds to exchanges—often interpreted as intent to sell or take profits.
From spring 2024 onwards, there’s a clear downward trend in this ratio, which coincides with the beginning of a strong price rally for Bitcoin. A falling Sender/Receiver Ratio generally reflects lower deposit activity compared to exchange-internal receivers—signaling reduced selling pressure and greater investor confidence. This trend aligns with upward price movements and hints at a “hodl” sentiment, where investors prefer to hold their BTC rather than transfer it to exchanges.
Throughout 2025, this pattern continues: a declining Sender/Receiver Ratio accompanies sustained price growth. This convergence between decreasing deposit activity and rising prices reinforces the narrative of renewed trust in the market and diminishing sell-side risk on Binance.
Summary:
The Binance Bitcoin Sender/Receiver Address Ratio, when analyzed alongside price action, provides valuable insight into market sentiment. Declining ratios—especially during price rallies—signal reduced intent to sell, faltering fear, and growing investor confidence. This metric is a powerful complementary indicator for on-chain and exchange-based analysis, helping traders and analysts interpret the evolving mood of the Bitcoin market.
Written by CryptoOnchain