Perhaps this is different for various kinds of butter and of course the temperature that is applied to it...
Most (USA-generated, I assume) butter is ~18% water. Without approaching the steaming temperature point of pure water, does simply melting butter and then allowing it to return to its initial saturated (solid) state affect the water concentration?
In case I'm seeing this from the wrong perspective, perhaps this should be seen as a matter of distribution rather than concentration.