Hi Pim,
Here is a starting point. Explore how different Noise and Seed versions affect the distortion (animated), while the scale is surely a strong influence.
CV4_2025_drs_25_RSoa_01.c4d
I have set the ramp to match your reference image.
Screenshot 2025-06-07 at 9.49.22 AM.jpg
Back in the days when I made stage light shows for bands for many years, I had one of these Oil projectors that created this effect. There was a round double glass chamber, each filled with two tinted oils. After the light warmed the oil, it produced all these psychedelic patterns based on a little motor rotating the unit with the oils, and the patterns changed. When combined randomly with my other nine projectors, it created a nice blend. Why am I talking about stuff from decades ago? Because the two chambers are a key point here, and I have set the Material up in that way, with two sources mixed in the Color Layer.
All the best