its 100% in any meaningful sense of the word move the electrons that move, but thanks to ol' benny franks we have an ass-backwards roundabout way of describing the relative motion of stationary proton "holes" compared to electrons which are- well, more teleporting than moving, frequently (if you'll pardon the pun). holes move in the same way that water pressure is analogous to voltage: there may be mathematical and maybe even some physical comparisons to be made, but the conceptual framework is fundamentally an analogy, and in the case of "hole flow" a fudged up cya excuse for not updating the damn convention when the mistake was discovered. hurrumph.

holes flowing... protons with free motion? in a solid wire or semiconductor? you mean a plasma.

is there a physical constraint one could apply to matter to cause "holes" to flow while electrons stay put?