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This is how a Cartesian Diver works.
What is in the beginning there is air in the straw making the diver less dense than water, so it floats. Then, when we squeeze the bottle, water is forced into the straw, compressing the water and increasing the mass of the diver. Now the density of the diver is greater than that of the water, so it sinks. We release the bottle, the water flows out of the straw and the diver returns to it's original state of being less dense than the water.