Strange ROV Footage from Sagami Bay | Deepsea Oddities: Unknown

In August of 2010, a strange piece of footage from Japan's Sagami Bay was recorded which depicts an unidentified subject. Is this a stationary inanimate object, a dead creature, or something entirely different?

Source Footage from JAMSTEC

Music by CO.AG:
https://www.youtube.com/watch?v=JMK1Nl1eMOA

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What else lurks within the abyss?

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