Blood Moon Kalista is the evil spirit from the Blood Moon festival
Now, we all know that Kalista's launch skin is going to be a Blood Moon skin.
Thing is, this series of skins is linked directly with the game's old lore (Retcon, sheesh, messes up everything) where-in Akali and Shen dress up and perform a skit recounting the origins of the Blood Moon festival.
The tale is of an ancient Ionian warrior, named Reina, who is hunted by an evil spirit. She fled the spirit for years but to no avail as it always finds her. Finally finding the courage to face her fears, she dons a mask and confronts the spirit, but finds that it has disappeared, seemingly because it feared her strength.
Link to anyone who wants to read the actual article
In the story, Shen plays the part of the evil spirit. We can ignore Akali for now as she has nothing to do with what I want to say.
Take a look at Shen's Blood Moon skin's splash art
http://www.leaguesplash.com/wp-content/uploads/2013/09/Blood-Moon-Shen.jpg
Now take a look at Kalista's blood moon skin:
https://3.bp.blogspot.com/-K_6c26YCS5I/VGUbmBHSxzI/AAAAAAAAdbE/XAN5F2yTQN4/s640/Kalista_Splash_1.jpg
Spot any similarities? That's right, even though Shen's outfit is a little more tame, they both essentially have the same mask (face?) and a similar garb. They both have large horns, long canine teeth, a white face with markings (Though the markings are different) etc.
So perhaps the spirit was simply Kalista hunting Reina but lets her live for whatever reason.
Of course, the old lore is being retconned, so idk if this is still valid, but it's still food for thought.
skin. In this Blood Moon video the maker even uses her voice