Black and white "OIE low-fi" version of GIF posted by textchimp.
Am guessing this was a generative animation where (originally) colored blobs were programmed to writhe around each other in circular patterns.
It reminds me of Hayao Miyazaki's depictions of spirit or demon forces in various movies.
Update: Believe the original GIF is dvdp's. Erp - I seem to remember a convo where he denounced remixes as parasitic. But hey -- demons, parasites...