Step 1: Pop the popcorn. If using kernels, heat oil in a large pot over medium-high heat. Add kernels, cover, and shake occasionally until popping slows. Remove from heat and transfer popped popcorn to a large bowl, removing any unpopped kernels. If using pre-popped, ensure it's completely plain.
Step 2: Melt the white chocolate. In a microwave-safe bowl, melt white chocolate wafers in 30-second intervals, stirring after each, until smooth. Alternatively, use a double boiler method.
Step 3: Add color and flavor. Stir in the red velvet emulsion (or cake mix powder) and red gel food coloring into the melted white chocolate. Start with 1 teaspoon of food coloring and add more until you achieve a vibrant, deep red "bloody" color.
Step 4: Coat the popcorn. Pour the red velvet chocolate mixture over the popped popcorn. Gently fold and toss with a spatula until all the popcorn is evenly coated.
Step 5: Set and serve. Spread the coated popcorn in a single layer onto a baking sheet lined with parchment paper. Let it cool completely at room temperature or chill in the refrigerator for 10-15 minutes until the chocolate has hardened. Break into pieces and serve.