Soon it will "bleed". It will expel several drops of waste material, called meconium, through its anal opening; leftovers from changing from a caterpillar (juvenile) to a butterfly (adult). The first couple drops are dark red, like blood. A short while later a few more drops, much lighter in color (diluted) are expelled.

Again a little later ...

...a few drops of clear liquid are expelled. Notice the drop of clear liquid just outside the anal opening.