In water, the Earth’s oceans or lakes? It’s totally dependent on the object and its neutral buoyancy, which is the point where the objects average density is equal to the density of the fluid in which it is immersed.
An iron ship full of water is going to sink to the bottom. Even wooden boats sink, because although wood floats they carry materials like ballast and cargo that brings their average density to a point greater than water.
A creature or an objects neutral buoyancy point can be a point where it floats somewhere in the water column. Fish & other critters do this all the time, raise & lower their buoyancy to move vertically through the water.
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