Sneakylong The bond has failed. Pull it, clean it, and re-epoxy. They don't always come off when the bond fails, sometimes they remain sort of press-fit tight. I'm sure if you try you can move that head with your hands. That club is an accident waiting to happen.
The creeping ferrule was the first clue. Sometimes it is just the ferrule moving. But other times it is the head moving which makes it look like the ferrule is moving.
