As we can read from Castlevania Wiki, Castlevania: The Bloodletting is a cancelled Castlevania game that was intended to be released for the Sega 32X add-on for the Sega Genesis console sometime in 1996 or 1997. A single sprite for three characters are all that remain of this game. Through later interviews with Iga, it has been revealed that the game was intended to feature Richter Belmont, Maria Renard, and a rival to Richter.
Although announced for the Sega 32x (including two reported, although currently unrecovered, screenshots), the game soon disappeared from the radar. Sometime thereafter, Symphony of the Night was announced for the PlayStation.
As noted by Celine:
“Konami showed new installments to some major franchises, with Parodius on display, as well as Dracula X for the SNES. There was also Castlevania: The Bloodletting images to look at, a new Castlevania, which was being planned for the 32X. However, the team working on this game was eventually swallowed up by the Symphony of the Night team, and Bloodletting was no more.”
More infos on the game can be found on Castlevania Realm!
Thanks to Kiddo for the contribution!
Also, James found this short ads about Castlevania: The Bloodletting from a 1995 Konami CES brochures, in which the game was promoted as a Playstation / Saturn title.