You can loop emitters in 3ds Max using Particle Flow. Similar to the methods in this thread: Looping particle effects?
You could probably do something similar in C4D.
It looks like deformed mesh with custom noise. One for legs and second for wave and blended together where they cross. Or particles. Or both. Definetelly not a fluid sim.
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I would say it's metaballs
Looping particle effects?
You could probably do something similar in C4D.