This is video of a distant light on an object that is out of focus and creating an aberration of the image due to refraction in the air and lens. The movement you see is from the air currents diffracting the mostly parallel light rays. It's the same sort of aberration you see from "heat waves" near the surface of an object when seen at the proper angle. I'm thinking this light is Venus which is far enough away to have mostly parallel rays of light which produces this effect.
People are idiots and can't understand a simple and common phenomenon of our physical world. I'd hope Poalrs are smarter than that, but...
I've seen the effect you describe, I had a 400mm Spiratone telephoto and 2X teleconverter on my 35mm SLR when I was young, dabbled with night images. I don't recall them looking quite like this video though.
One thing that did trigger my spidey senses is that this "orb" remains in a fixed location in this video, which aligns with your explanation.
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