Some schools in hot spots may be less attractive, might get fewer offers accepted and may therefore have more waitlist movement. But we know that most applicants don't have more than one offer and they aren't moving thus the waitlist movement does not affect them unless they get off of a waitlist and then have to make a decision causing a chain reaction. That is more likely to happen 6-8 weeks from now.
There is also the possibility of waitlist movement right before matriculation dates if someone finds themself unable to matriculate due to a serious illness or a family emergency that requires a request for a deferral.