Depends on how we're using the word liquidity. If it's price to volume, then yes you're correct.

If it's volume of on-ramp or off-ramp liquidity, when compares to other coins such as Bitcoin... Monero has a vibrant peer-to-peer market.

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Lol, no. It doesn't.

I am talking about real volume. Say a few thousand to a million Monero per day.

You have also no idea the actual volume due to the tx amounts hidden.

if you go on retoswap or openmonero, you'll find at least (if not more) liquidity than bisq. And those volumes can be seen

No monero bags? Ngmi

Also, you are talking about price movements in USD, so yes, the metric would be on and offramps at exchanges.