This study explores the dynamics of liquid holdup in a lab-scale co-current two-phase upflow moving packed bed reactor, specifically examining how superficial gas velocity influences the line average external liquid holdup at a fixed superficial liquid velocity. Utilizing Gamma-ray Densitometry (GRD) for precise measurements, this research extends to determining line average internal porosity within catalyst particles and the overall external bed porosity. Conducted with an air-water system within a bed packed with 3 mm extrudate porous particles, the study presents a novel methodology to calculate liquid holdup, grounded in Beer–Lambert's law. Findings reveal a decrease in liquid holdup corresponding with increased superficial gas velocity across axial and radial locations, with a notable transition from bubbly to pulse flow regime at a critical velocity of 3.8 cm/sec. Additionally, the lower sections of the packed bed exhibited higher external liquid holdup compared to the middle sections at varied gas velocities. The liquid holdup distribution appeared uniform at lower flow rates, whereas higher flow rates favored the middle sections.