Bloodmoon can be interpreted as a more powerful version of another unique normal sword, Blood Crescent, due to their similar properties.
Although Bloodmoon may not have as much raw damage (elemental or otherwise) compared to some other unique elite weapons, Bloodmoon has a number of other bonuses that are useful.
For one thing, Bloodmoon has a very high chance of Open Wounds, which inflicts damage over a set amount of time similar to the effects of Poison, only it cannot be remedied. Since the damage of Open Wounds is dependent on character level, and Bloodmoon cannot be used until lv. 61, the damage inflicted by Bloodmoon due to its Open Wounds is often high.
Bloodmoon also offers a number of life stealing effects useful for physical fighters. (However, its ability to cast Blood Golem can be good or bad. Although Blood Golem is a powerful ally, it is also linked to its caster's life. Therefore, if Blood Golem were to be destroyed, the caster that summoned it would have its life reduced to dangerous proportions; in the case of a physical fighter, this life reduction could be fatal in a fighting situation, as opposed to a spellcaster (such as the Necromancer, who normally casts Blood Golem), who would often be out of danger anyway. Although the damage done to Blood Golem could be made up for by Bloodmoon's life drain, the risk may not be worth taking.) Prior 1.13
One-Hand Damage: (102-118) To (139-162)
Required Level: 61
Required Strength: 109
Required Dexterity: 122
Sword Class - Fast Attack Speed
+210-260% Enhanced Damage
10-15% Life Stolen Per Hit
50% Chance of Open Wounds
+7-13 Life After Each Kill
Level 15 Blood Golem (9 charges)
(Only Spawns In Patch 1.10 or later)