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In a video captured by onlookers, the man can be seen jumping from the cliff, before a loud thud can be heard.
The footage was first shared by local newspaper Periodico de Ibiza.
After the incident, the man was taken to hospital and admitted to intensive care with injuries that were thought to include broken bones and a spinal problem, though medical staff have since confirmed they have not found evidence of damage to his spine.
Police have confirmed the fall was nearly 100 feet above the water below.
That height is thought to be the cause of his injuries, as the impact with the water - rather than any rocks beneath it - is thought to have injured him.
One of the Spanish onlookers who filmed the incident from nearby can be heard to say 'they're f***ing mad' as they watched the man prepare to throw himself off the cliff.
The 38-year-old injured man was taken to Can Misses hospital, but has not been named. It was confirmed by hospital officials that he has now been taken from intensive care into a trauma unit.
One said: "He left the intensive care unit yesterday due to his encouraging recovery.
"He suffered multiple injuries but does not appear to have suffered a spinal injury."
The incident was first reported at around 3pm on Wednesday afternoon (29 July), and emergency services quickly rushed to the scene.
The rescue effort was led by the fire brigade, with police, Guardia Civil, and paramedics sent along by the regional government-run emergency response co-ordination centre as well.
Cap Negret is famous on the island and beyond for being one of the best and most popular places to see the sun go down over the sea.
In August 2018, a British holidaymaker was killed after jumping off cliffs at another popular beauty spot in Ibiza and hitting rocks beneath the water.
Paul Gardner's freak accident occurred during his 24th birthday celebrations at a cove near San Antonio called Cala Gració.
Police were called to the scene, but were unable to revive Gardner, who had jumped from around 20 feet.
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