How to make sense of this view?

[longtry]

Here's a video of a rocket launch. I've timed it to 2:10, where we can see a magnificent view of some material apparently moving up around the rocket. Assuming that the POV is down on the ground looking up, how can we make sense of the scene? Does the phenomenon have a name? Is that material hot air? Why is it looking to be moving faster upward than the rocket itself?