I suppose if it's the former it would be even safer, as you could somewhat plan to stay out of it's way. Or like, if it's over Europe and you're in Africa, you know you're 100% safe for the next little while.

For the latter, maybe it exists in a dimension above our own. By which I mean... imagine if you were a 2D circle on a piece of paper, with a 3D hand pressing it's finger on the piece of paper. When the hand lifts it's finger off the paper, it effectively vanishes from your field of reference, then when it presses down somewhere else on the paper it looks like it magically came from nowhere.