I found [this fascinating article](https://www.outlookindia.com/travel/did-you-know-about-the-blood-falls-in-antarctica-news-185667) about it recently; hope this helps.
Summary:
“The trapped lake is highly saline and rich in iron, and when it reacts with the oxygen outside, the waterfall gets its unique red colour. Essentially, it is the same phenomenon that lends iron its dark colour when it rusts.”
Antarctica is a continent with large mountain chains and complex geology. The glaciers form on the mountain peaks and flow down into the valleys and eventually out to sea. All the way they are scraping on the bedrock taking with them various minerals from these. Some of these mountains are rich in iron and therefore looks red. These iron oxide rocks erode quite easily both from physical erosion by the ice but also dissolves into ice coloring the ice red. This red ice does have a lower freezing temperature then the clear ice so it becomes softer and might even turn liquid at times. This is causing several red waterfalls and icefalls in Antarctica.
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