A quarter of a day can be sacrificed to hike around the lake, admiring it's many colour shifts from bright red to black. Preferably ignoring the raw, slightly sweet but mostly tangy smell.
It is most shallow at the edges, where the lake is only mere centimetres deep and the snow is heavily stained. In a few other locations of the lake, one could completely submerge a mammoth with at least two fathoms to spare.
The lake is rather still, as if dead, however, it often freezes up completely on top when the weather allows for it. While it's temperature can drop, the core of the lake gravitates towards a comfortable temperature of 38 degrees.
The lake appears to be still, yet the blood still circulates from warmer to colder regions, and when frozen, the lake emits a haunting song. It posesses a subtle heartbeat which can be felt when swimming, it beats at a low rate of two to four beats per minute.

The backdrop of the lake is mountains tipped in brilliant blue ice, made of frosted dragon breath. One of the mountains is presumably Frostspire itself, the location of a missing dragon's lair. Which would explain the otherwise desolate nature of the surrounding area which is void of birds or any other life.

Occasionally while walking around, one can find some remnants of people and strange creatures buried deep within seasonal snow.

It is unknown just what properties the lake has, right now they might be just at their height of potency. However, over time it certainly will be diluted by water.

Sometime after it's sudden appearance, the first people to see the lake from foreign lands were the dragon keepers, who went to frostspire in search of dragon eggs.

Since the location is rather, new most simply call it 'red lake' or 'blood lake' in various native tongues.
Chruatkai Amutkha, is one of the names in use by the Tabkha and Sokcha of the Eretejvan Nocturnal Elves.

The Eretejvan Blue broodmother, Sathirena lived in Frostspire not far from the location where the lake would be created. Most people erred to stray too close to the mountain range while she still lived there. [1]

Sometime before the creation of the lake, the undead horde by the name of The Eternum landed on Eretejva. In search of a dragon corpse to convert to their cause, they laid siege to Frostspire, slaying Sahirena in the process.
Suffering a harpoon through her heart, she bled dry on the location.
The very center of the lake is the location where she was later risen, and thus the magic of the fluid holds a strong poluttion of residue necromantic magics.

Over days, the blood gathered in the deepest location at the mountain's foothills, seemingly refusing to dry or age.
It is still a very bright red colour like when it filst spilled over the snow.
The lake resonates with both the dragon's frost magic and necromantic traces.
Since the disappearance of the dragoness, the location is much safer to tread in.

When Steve, Will's son found the lake, he altered the necrotic energies to be less actively toxic to the local wildlife. [2]

Lake creation.
The dragon keepers visit the location.
Steve comes across The Eternum's bloody work.
A pair stumbles upon the lake in this section.

Image by Nidraak.

1. ^https://chroniclesrp.net/threads/sleeping-with-the-giants.1155/
2. ^https://chroniclesrp.net/threads/dragons-bound-in-ice-and-blood.1464/