This may sound obvious, but don't make the mistake I did thinking that the blood is a drop from the sharks - it isn't. I spent 15 minutes killing (and then skinning) a lot of sharks before I checked why no blood was dropping.
Use (right-click) the bladder in your inventory to pick up the blood from the water after you kill a shark, is the right way to do this quest.
Also watch for Fatigue! There are sharks out beyond the fatigue limit and it's very easy to become so focused on chasing sharks you don't notice the fatigue bar until it's too late. I almost died a couple of times because of this!
Quest
Blood in the Water
A World of Warcraft quest in Icecrown. Facts and objectives from the current retail game data.
The highest voted Wowhead comments for this page. They are community notes, not TheWoWDB comments.
They are all pretty near the surface, don't bother swimming down to the bottom theres nothing down there but dirt and seaweed.
Or the fact that there is Blood... in the water.
Quest facts
The client quest POI data records no map location for this quest, so no map is shown.
Check whether you have already completed this quest
in-game: /run print(C_QuestLog.IsQuestFlaggedCompleted(12810))
Description
The forces at Onslaught Harbor are heavily reinforced by gryphon riders. You need a mount that will enable you to put them down. But first, we need the components for the ritual that is going to make it all happen. A great deal of blood is necessary for the ritual to be undertaken. <The lord-commander points down and to the northwest.> There is a readily available supply down there in the harbor... sharks. Do not return to me until you've filled this bladder with their blood.
Community notes from Wowhead · 38 comments
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Reward details
Reputation: Knights of the Ebon Blade +250
Freed from the grasp of the Lich King, his former Death Knights have regrouped against him under the banner of Highlord Darion Mograine.
Reputation group: Wrath of the Lich King.
Other quests in Icecrown that reward Knights of the Ebon Blade reputation: To the Rise with all Due Haste! (+10), The Story Thus Far... (+10), From Their Corpses, Rise! (+250), You'll Need a Gryphon (+250), No Fly Zone (+250), Intelligence Gathering (+250).
Item facts are the current retail client’s (ItemSparse); the specialisations for a pick-one item are the ones the Blizzard quest API lists; faction and currency text is the client’s own. Lowest listed price = the US commodity auction house now.