This is a flag for Transmasculine people who want to hide the fact they are transgender but still identify as a man. People who use this flag may feel comfy with sharing it with a few people, but not all and mostly want to keep it hidden. this works for closeted individuals, too. The blues represent masculinity in general [i couldnt think of any good meanings for them] and the black ring in the middle represents hiding or keeping a secret.
Please let me know how to make this better-