Tanner, or Taaaaanner1 on Twitter/X, is a 3D Artist and Game Developer who specializes in environment design and 3D characters and props. He shared a pixelated water shader that is very eye-catching but, at the same time, slightly disorienting to look at.
In the replies, the artist explained that he created it with Unreal Engine 5.7, using almost exclusively baked lighting and an older caustics generator by Cathal McNally, and that three textures are moving, but only two are highly visible. It also has normal refraction and light absorption.
He has been updating the shader since he posted it, such as making the planes move slower, which I think results in a more watery look:
