If it is a goretex vent, bubbles are normal: the vent let through air but not water.
www.gore.com/products/gore-protective-vents-for-lighting-enclosures#section38851Be warned that goretex vents (wide, plastic, black or gray) can break easily when trying to unscrew them (to check them: no need to unscrew them ever normally).
Be careful to always grip both the body (green arrow) and cap (red arrow) with the tool. If you turn only the cap it will break.