What is this? ...wierd growth on macro

[Kronk]

Any ideas what this is? I have seen it before and thought it was just the caulpera algae rotting a bit but i am thinking it may be some kind of egg sack? I saw what appeared to be tiny pods on the outside of it. It looks like a Q-Tip but fuzzier.





I have 2 clowns and a fire shrimp in the tank it has been set up for a few years now. I also have a lot of worms, amphipods and isopods (not bad so far as i can tell)

Thanks,
Ken