ᐅ Red beads in the garden bed – what could they be?

Hello 🙂

The title says it all. I found small red or orange beads in several spots in the bark mulch in our garden bed. The beads are soft and can be crushed easily.
Does anyone know what this could be? 😳

Could these possibly be fungi? … wood chips tend to create a rather acidic and moist environment.

This could be the early stage of the "blood milk mushroom."