No idea whether that figure is accurate. To me at least it seems ridiculously high. I wouldn't have expected more than 5-10% as a pure guess. Most people are parking for the long term or playing shitcoins.

Actually buying stuff looks low down the order unless you want to get rid of some free profit. And merchant options are contracting. If you take payment processors into account Coinbase have basically told merchants to sod off by making them handle their own keys and Bitpay wants to turn everyone onto shitcash.