What is "bleed damage"?

[SangoProduction]

As in, what is referenced when something says "Prevent the next instance of Bleed damage"? Is it the next application of "Bleed damage" debuff, or the actual Bleeding damage?

There are several instances with similar phraseology, but they never seem to clarify.

It would be nice if Bleed damage were separated to Bleed, and Bleeding damage. You apply Bleed. You take Bleeding damage.

[Rynjin]

There is no distinction between Bleed damage and "applying Bleed damage", because the latter isn't really a thing. Eg. if a monster does 1d6+6 damage (1d4 Bleed), them "applying Bleed" just means you'll start eating a d4 every turn.

Negating the next instance of damage and next instance of "applying Bleed' are the same thing.