Phoenix FD - Honey bubbles using Count Multiplier
This setup is simulated with Phoenix FD 4.0's Honey quick setup toolbar preset without any changes to the simulation settings.
The Liquid particles are picked into a Particle Shader in Bubbles mode and the Count Multiplier is used to reduce the number of bubbles. Size variation can be used to make some bubbles larger or smaller for a more interesting result. The Liquid particle IDs must be simulated so that the Count Multiplier would look well in animation and will always remove the same particles.