Re-create this photographic effect using Photoshop’s layering and filtering features
Draw an elliptical selection over your image covering the main subject. Go to Select> Inverse to flip the area around and then press Opt/Alt+Backspace. The area should now be filled with black. Press Cmd/Ctrl+D to remove the selection.
To blur the solid black area, go into the Filter menu and down to Blur> Gaussian Blur. Set Radius to 150px – or more if required – and hit OK. Lower the Opacity of this layer down to 90% to bring through some of the background detail.
Using the button at the bottom of the Layers palette, add a new Black & White adjustment layer. In Elements, use the Hue/Saturation option and reduce Saturation to 0. The Black & White adjustment will instantly convert the image to monochrome.
Select the Background layer and duplicate it by pressing Cmd/Ctrl+J. A layer called Background Copy should appear second from the bottom in the palette. To give the image the appearance of movement, go to Filter> Blur> Radial Blur.
In the blur menu, change to Zoom under Blur Method. For the image used here, set Amount to 40. You can reposition the blur to fit over the main subject using the preview. Hit OK to apply the settings.
Create a new blank layer just above the Background Copy. Press Opt/Alt+Backspace to fill with black and then set its blend mode to Screen. Go to Filter> Noise> Add Noise and set Amount to 35%, tick Monochromatic and set Distribution to Uniform. Hit OK and the pinhole effect is created.