Dear Ms. Q,
On the whole aspect of the Blood Moon cycle and what does it mean I would have to address in a whole separate post, different from my current series on Sacred Waters.
But collecting water during a Blood Moon, in this case I'm referring to the Lunar Eclipse not the Month of October---this is something that is a bit rare, because a Blood Moon occurs during a Full or nearly Full Moon, in essence you are collecting Full Moon Water, but because it has been collected during an eclipse makes it very unusual and very special.
Part of it is determined by what water was used to collect this Moon's rays.
And also if your part of the world was affected by seeing the full eclipse.
If it was raining during the time of the Blood Moon, then that rain water would be completely attached to that lunar event.
If you used Lake, River (this would include, stream and creek water), Ocean, or water from a sacred well or sacred spring, that psychic event plus the energies of the particular waters alter the cosmic makeup of the water.
With Lake Water, you'd be calling ancestors or spirits but with "pay-back" intent; River would be for the blessing or consecration of powerful energies to your ritual tools, but possibly for a negative intent as well; Ocean would mean for exorcism of a tremendous villainy or energy; from a sacred well such as Chalice Well would mean the remembrance of those lost to violent death; from a sacred Spring such as Fatima, Lourdes or Guadalupe would mean blessing during Woman's mysteries.
But if you used water from a regular spring, such as bottled spring water, that would be the same as if you collected any rain water that happened during that event. That water could be consecrated or dedicated to what ever difficult situation to work with. In some cases as a substitute for Blood or dark workings.
That is something that one needs to think very carefully about, as long as the water is not activated you can make a careful decision, maybe not even use the whole amount but only a small amount, much like a "Blood Bank" keeping the bulk of it in reserve for a different type of working, perhaps healing instead.
There are going to be 3 more blood moon's, the next one to be seen in the US will be on October 8, 2014, and it will fall during the time the moon will be Full as well and also in the Month and Moon that is traditionally called the Blood Moon Month.
This one that is coming will be particularly powerful in many ways, the energies to be determined only by meditation and one's personal intent.
To know the exact day and time for this event check with either Google, Bing or what ever search engine you are using. Not all countries will see the Blood Moon eclipse, in some it will only be partial, but since it will be a Full Moon it would be wise to collect the rays of the Moon at that time using Bottled Spring Water, again after you've collected the rays filter the water for particles, because by using bottled Spring Water this would be good to put into a potion.
The next two blood moon's will occur in April and September of 2015, again check your search engine for exact dates and times and if you will see a full or partial eclipse.
When I start working on the meaning and workings of the Moon cycle I will be sure to talk about Blood Moons, Blue Moon's and Black Moon's. But that will be for future.
Blessings Ms. Q