Holy s***! Look at this thing!’ Fisherman films encounter with great white shark

It's the bait bag. Fisherman can buy live bait or "make bait", catch smaller fish that the larger fish eat and bait their hooks with them. These guys have a small boat and kept the bait bag in the water to keep the fish alive. The shark was after the bait. Bigger boats have a bait tank on board with circulating ocean water to keep bait alive.
 
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