It is **not** the blood flowing through your ear or head. You can prove this yourself simply by pressing the cup to your head such that it seals completely; if it was the blood flow in your ear/head then the sound should continue, but you will find it almost entirely is cut off.
Instead the sound you hear is ambient noise reflecting off the interior of the cup (or shell) and jumbling together into unrecognizable white noise. Some people think this sounds similar to crashing ocean waves, a similar jumble of uncountable individual noise from millions of water droplets.
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