Causes of anaemia - blood loss and haemorrhage
Could be acute and spectacular - traumatic wounds, blunt force (intracavity bleeding), diarrhoea and vomit (haemorrhagic diarrhoea, haematemesis), epistaxis, DIC.
Could be mild or chronic - melaena, chronic or multiple small wounds, GI or blood-borne parasitism.
No blood loss will result in immediate drop in PCV.
All blood loss is non-regenerative to begin with.
Iron deficiency may result if blood loss becomes very prolonged.