I thought it might be simulated too, but someone posted this vid https://www.youtube.com/watch?v=GPGIuSCxEFs If you skip to around 18 mins you see something similar.

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Frankly that vid only reinforces my opinion. With all the work the Youtuber put in, you can still see:

  1. multiple frequencies in the waves in the blob (small waves and larger waves)
  2. little droplets floating around and lying on the bottom

The OP video is too homogenous, and really looks like classic "metaballs", just better composed into a real vid.

If someone had really reached the perfection of the OP vid, they'd likely post much more of it. As it it's too short, a classic sign of "sleight of hand" VFX, showing just enough for believability but too short for verification.

I completely agree. There's section of the video of his monitor that are super-imposed too. This is 100% VFX. Ferro-fluid isn't this "fluid". It's rigid and slow.