The dirac current is $$J^\mu = \bar{\psi}\gamma^\mu \psi $$
It looks weird at first because there is no derivative in the expression. So the velocity must be hidden somewhere in either $\gamma$ or $\psi$.
(argument for $\gamma$) From Gordon decomposition, we get $$\bar{u}(p)\gamma^\mu u(p) = \bar{u}(p)\frac{p^\mu}m u(p)$$ Which is reassuring because it is roughly in the form of rho * velocity. It is tempting to treat $\gamma^\mu$ as the "operator" for velocity from this context. More 'justification' of this: an operator which mixes between the left & right handed spinor component can generate translation because one component is the derivative of the other (yeah this is very sloppy).
(argument for $\psi$) Now, if I examine the usual amplitude in e.g. unpolarized elastic electron-electron scattering $$i\mathcal{M(ee\rightarrow ee)}= \frac{ie^2}{q^2}\bar{u}(p')\gamma^\mu u(p)\bar{u}(p)\gamma^\nu u(p') \propto \frac1{q^2}J^\mu J^\nu$$ It turns out that all the momentum terms in the final expression originate from the spin sum (u) $$\sum_s u^s(p)\bar{u}^s(p)= \ \not \!\!\!\!\! p + m$$ while all the momentum term coming from Gordon decomposition on the $\gamma$'s will be contracted out into m's after taking the trace of $\mathcal{M}$.
Back to my question: which one should I call velocity? What about the other?
I just want to keep track the meaning of each term (because recently I feel guilty of blindly computing the traces of my matrices). My question is messy because I'm confused.
hidden question: what is the physical role of $\gamma^\mu$? (nvm, just ignore this one)