A VAST majority of coins are being hoarded and hodl'd despite the utility and cash like fungibility provided by XMR.
I can only partially agree on that point. Some coins are in long-term hold for sure, but the reality is that Monero is being used much more than BTC. Daily Monero transaction count is currently 8-10% of Bitcoin's despite being only 1/200 of BTC market cap. XMR almost overtook BTC on CoinCards:
https://nitter.net/CoinCards/status/1508324025256202246