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.”
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