Have you had it a while? I've got some old Tenex like that. The wax has collected towards the tips either through being being stored somewhere warm (causing it to become a little bit more liquid), or just over time from gravity. Not sure which.
It's not normal anyway. The wax should be a smooth coating. And you shouldn't wipe it off in normal circumstances - it's there to lubricate your barrel. Eley spend a lot of time and effort getting a consistent coating on! They wouldn't bother if testing hadn't shown it to be beneficial.
"A fear of weapons is a sign of retarded sexual and emotional maturity." Sigmund Freud
Shooting is my meditation