Bleeding out northern pike reduces the mess and clean-up while filleting them. Some anglers argue that the taste is much better this way. Bleed out a northern pike by using the tip of the knife to make a cut into the belly over the gills. Bring the knife up to the nose. This method cuts through an artery that makes the pike bleed out while alive. Make sure to keep the fish in a live well or container with water and ice as it bleeds.