Blood is a combination of cells and water (plasma). The percentage of cells in blood gives blood its viscosity. Special cells in the kidneys are able to sense the oxygen carrying capacity of the blood, if that decreases the kidneys release a hormone called erythropoietin that stimulates the production of blood cells by the kidneys.
TLDR: The amount of blood after all is controlled by the kidneys based on the blood’s ability to transport oxygen.
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