The artist used altered UVs to make the rope textures move.
Have a look at this breathtaking animation, made by Motion Designer and FX Artist Kar Ayvazyan, a.k.a. Ayvazovsky, to experiment with Houdini and Cinema 4D. The artist has managed to set up great-looking ropes with lifelike physics and movements and add a realistic water bubble being held mid-air by said ropes, making the animation look realistic and magical at the same time.
According to the author, he used Vellum Hair for simulating the ropes and altered UVs to make the rope textures move. The textures themselves were set up using Dima Shishkov's materials. Here's a short breakdown published by Ayvazovsky that might help you get the hang of the production process behind the animation:
And here are some of the artist's earlier works: