When someone is overthinking a situation, and therefore think that they are diving so deep they can see sharks, but really, they're just imagining them ("seeing" them in their head).

See Deeping it.
1 - I don't think she's into me.. Don't you think she's being a bit too friendly with Sue in that dark corner of this nondescript party??

2 - Mate, you're seeing sharks, I swear. Becky is as straight as Melissa's hair. You need to relax.
by ittybittysmalls April 5, 2019
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