#five years later...

(x)(x)(x)(x)(x)(x)(x)(x)(x)(x)

The footage starts with some slow picture rolling. This seems different from the visual distortion seen before, more subtle and slower then the splitting that's previously been observed. There's no audio distortion to be heard. The scene shows the door to Alex's bedroom, with the hallway light beyond the door lit, but the bedroom itself in darkness.

This is different from the other times that Alex has filmed himself while asleep, when he previously had the camera trained on himself. Why has he changed? Why is he filming the doorway? Perhaps he's started to notice his door being left open and he's trying to catch who's doing it.

A few moments later we see a hand push the door open and a tall figure duck under the door frame to enter. The hand appears to be unusual, almost as if it has no fingers and is just the idea of what a hand looks like...

Something wakes Alex up after the figure (presumably Slender Man/The Operator) enters the room, but nothing is there or at least he doesn't react to anything. Another thing to mention is that when Alex closes the door, it creaks, but when Slender Man pushes it open, there is no sound at all. Is this just because it pushes the door slowly or is Slender Man capable of dampening sound?

Why would Slender Man be entering Alex's room and why would he then vanish? My first thought was that he'd somehow "entered" Alex, but for what reason? Why enter the room only to disappear? Perhaps Slender Man can hide from people's sight when it chooses, but can't hide from video?

It’s also interesting to note that Alex appears to be sleeping fully (or at least partially) dressed in combat shorts and white t-shirt.  Perhaps the camera was pointing at the door because Alex hadn’t planned on sleeping?

So, why does Alex have blood running down his face? There’s no clear explanation at this stage, but what’s interesting is that Alex apparently had blood on his face at the start of this video. You can see it when he gets up from the bed after Slenderman’s entrance.

Unfortunately there is 32 minutes of footage (which Jay mentions in his caption) that we don’t get to see, and we only have the last 17 seconds before an alarm goes off and Alex stops the camera, presumably to change the video cassette.