The water pump is squirting out water where the bolt is.
It would appear that your water pump has sprung a gasket leak, and is leaking coolant. As coolant leaks can lead to overheating and engine damage, I would recommend having the leak addressed as soon as possible. A professional technician, such as one from YourMechanic, will be able to determine the exact location of the leak, and if necessary, replace or re-seal the water pump for you.
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