You could probably try using the Displacement effect on some text where you basically create the final shape by smearing the shape in an external paint program from a PNG of the original letters and then use increasing Y displacement to change the letters from normal to distorted. More fiddly, but if someone is looking for a tutorial to make, that would be a useful candidate.
Thanks!
I didn’t find the right solution from the Internet.
References https://hitfilm.com/forum/discussion/45173/dripping-blood-effect