Video watermarking technologies are classified into types of four kinds. The first type is to embed the watermark into a raw video signal and to code the watermarked video signal. Most of video watermarking technologies fall into the category of this type. The second type is to apply watermarking to the coding process, such as block DCT and quantization. The third is to directly embed the watermark into the compressed bitstream itself. Generally, it is referred as labelling rather than watermarking. Finally, the fourth is to embed the water mark into MPEG motion vector. This type has the difficulty in real-time process because of the high complexity and has the blocking effects because of DCT-based on coder. In this paper, we proposed the digital video watermarking that embed the watermark in SPIHT video code for I-frame using motion vector analysis. This method can remove the blocking effect occurred at the DCT-based on coder and obtain video data that has progressive transmission property. The proposed method is to select the region for the watermark embedding in I frame using motion vector estimated from the previous P or B frame. And then, it is to perform DWT and embed the watermark based on HVS into the wavelet coefficients in the same subband of DWT as the motion vector direction. Finally, the watermarked video bitstream is obtained by the SPIHT coder. The experimental results verified that the proposed method has the invisibility from the objective and subjective image quality and the robustness against the various SPIHT compression and MPEG re-code.