I believe this is Carijoa riisei, an attractive non-native coral that grows in strands under overhangs. I actually saw lots of cool, small, sessile, stuff, but mostly failed to get decent pictures. Too much cool stuff!
Carijoa sp. is not the primary subject of the video clip; the primary subject is Arothron hispidus (White-spotted puffer). Coral Sea, Duration 26 seconds