A boxer's slang term for blood. In this case, "Dutch" means German (deutsch), such as in "Pennsylvania Dutch," and the phrase probably originated as a pejorative term.
Also a color, although it's not actually pink -- more of a golden yellow. Apparently it's used to describe a color of paint or pigment, derived from buckthorn berries which are native to Holland as well as other countries.
Curiously enough, musician Tom Waits used the phrase in both senses in two different songs: the former in "Jockey Full of Bourbon" and the latter in "Temptation."