Well, not sure whether "splash" is the right word. But watched a .308" Hornady 180 gr Spire Pt launched from an '06 (est impact 2600 fps) do about that on a small CT doe. In recoil I saw a hole open up before my eyes. Not a failure to kill, ie., DRT. Impacted a rib, bullet fragments didn't make it through the deer, not even half way. Have the recovered jacket. One of the strangest things I ever saw. This was late '80s.
A friend (whose word I trust) used that same bullet in his .300 Roy on a Newfie moose, had the same result. Another good friend finished the job with his .338 and X-bullets.
Still have almost 1k of those 180s, but reserve them for paper punching now. Then, I might never see one "splash" again, so......
