[@Majoras End] Hides have two forms. The first one is kind of Shadowy monster. They are physical, but more akin to 'fog' or 'shadow'. If they bleed. Kind of Ghostly more than fleshy. 

But when they manage to get to form two, depending on what Folklore monster they change into, yes they can bleed. Like if one become a Kelpie, it's basically a Horse. You see what I mean? 

Why the question, though?