Socially, they are mostly loners unless living in a threatening ecosystem. These are the first and the only species of sharks that are known to “sleep” on the ocean floor or within reef caves. It is believed that these sharks are not actually sleeping but merely resting. These sharks have actually been given the nickname “sleeping sharks” because of their habit of lying motionless at the sea bottom. This is a somewhat unusual and unique behavior of these sharks.
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Caribbean reef sharks are sometimes seen resting motionless on the sea floor or inside caves; it is the first active shark species in which such a behavior was reported. In 1975, Eugenie Clark investigated the famed "sleeping sharks" inside the caves at Isla Mujeres off the Yucatan Peninsula, and determined that the sharks were not actually asleep as their eyes would follow divers. Clark speculated that freshwater upwellings inside the caves might loosen parasites on the sharks and produce an enjoyable "narcotic" effect. If threatened, Caribbean reef sharks sometimes perform a threat display, in which they swim in a short, jerky fashion with frequent changes in direction and repeated, brief (1–1.2 second duration) drops of the pectoral fins. This display is less pronounced than the better-known display of the grey reef shark (C. amblyrhynchos).
Blacktip reef sharks are fast, pursuit predators that prefer reef fishes, but also feeds on stingrays, crabs, mantis shrimps and other crustaceans, cephalopods, and other mollusks. In the Maldives, this species has been documented feeding cooperatively on small schooling fishes, herding them against the shore and feeding en masse. Feeds heavily on sea snakes in northern Australia. A large individual (1.6 m) was observed attacking a green sea turtle, Chelonia mydas, in North Male’ Atoll, Maldives.
This species is taken by commercial and artisanal longline and gillnet fisheries throughout its range. It is valued for meat, leather, liver oil and fishmeal. The Caribbean reef shark is the most common shark landed in Colombia (accounting for 39% of the longline catch by occurrence), where it is utilized for its fins, oil and jaws (sold for ornamental purposes). In Belize, this species is mainly caught as bycatch on hook-and-line intended for groupers and snappers; the fins are sold to the lucrative Asian market and the meat sold in Belize, Mexico, and Guatemala to make "panades", a tortilla-like confection. A dedicated shark fishery operated in Belize from the mid-1900s to the early 1990s, until catches of all species saw dramatic declines. The flesh of this species may contain high levels of methylmercury and other heavy metals.
Ancient reefs buried within stratigraphic sections are of considerable interest to geologists because they provide paleo-environmental information about the location in Earth's history. In addition, reef structures within a sequence of sedimentary rocks provide a discontinuity which may serve as a trap or conduit for fossil fuels or mineralizing fluids to form petroleum or ore deposits.