I can't see the clip due to copyright restrictions (the music). Provide a screenshot or an alternative link to something similar.
Strike my last. Found it on Vimeo. That's merely some simple stock footage of ink drops/ powder explosions/ 3D fluid simulation and the text is masked to match. Simple stuff, really - if you have the footage.
If you mean this:
The best way to analyze an effect you see is to try and visualize the layers that are required to create this kind of image. Break down the parts. There is a text layer that is revealed by some kind of animated matte. The text has a bit of a glow to it. Then there is an explosion of particles followed by smoke. The explosion is directional expanding out to the left and right. So that's at least two layers. Text with glow or shine and particles. The entire effect probably will require more layers for the smoke, some kind of containment field for explosion, and possibly an additional layer of particles.
The particles could be stock footage as Mylenium said, or you may be able to recreate them using Plug-ins.
I would look at Trapcode Particular Tutorials to get an idea of how to recreate the explosion. You'll probably actually need more than one particle layer. Make sure you know how to make animated mattes. Recreating the entire effect in AE with standard effects that come with the app is possible, it is just going to take a bunch of time. Here is what a starting setup might look like using Trapcode products:
Thanks a lot for your quick and detailed answers!
So - I have something to learn and homework to do.
Good to know the basics of it - I can go step-by-step in the right direction.
Best regards & a good day,