The first part of the video is shot in a Satmar yeshiva, the second part, I'm told, is in Bobov 45.
An 'explanation' of the custom.that tries to find 'holy' reasons to support it. But the truth is that hasidim in the early to mid-1800s were notorious drunks and many were ignoramuses – including some of their rebbes. It's far more likely those are the reasons for the towel-throwing custom than any attempt at holiness.
[Hat Tip: Abe.]