In this paper, we propose a video watermarking algorithm which embeds different parts of a single watermark into different shots of a video under the wavelet domain. Based on a Motion Activity Analysis, different regions of the original video are separated into perceptually distinct categories according to motion information and region complexity. Thus, the localizations of the watermark are adjusted adaptively in accordance with the human visual system and signal characteristics, which makes them perceptually invisible and less vulnerable to automated removal. In addition, contrary to traditional methods where the watermark remains at a fixed position on the screen, the watermark moves along with moving objects and thus motion artefacts can be avoid. The multi-frame based extraction strategy ensures that the watermark can be correctly recovered from a very short segment of video. Individual frames extracted from the video also contain watermark information. Experimental results show that the inserted watermark is not only less perceptible but also robust against common video processing attacks.