Does it? I have never looked that closely.
I assumed that it is some sort of religious ritual but I have no idea what faith it is as I just don’t care. And I don’t think that many people do. It is up to the player what they do, like that weird hop that some of them do. ;-)
Do Jewish players make the Star of David sign when they come on?
It is just irrelevant to me and I’m amazed that anyone actually notices or even cares.