That sounds more like crocking than bleeding to me. Crocking is when there is dye transfer from rubbing as opposed to bleeding when it transfers when it comes in contact with liquid.
It is usually caused by excess dyes. If you want to use it, try setting it with Retayne.
Personally, I wouldn't use it and I would contact who you purchased it from to return it if you can. If you can not, get some Retayne and treat it exactly as the bottle directs. HOT water is necessary for it to be effective.