I have seen steelhead stop bleeding entirely several times i have seen them lose a small amount of blood for no apparent reason then stop. Maybe from stress??? I am not a biologist so i wont speculate on the survival chances of bleeding steelhead. Something to keep in mind although it's sad when a fish dies from being hooked it's not entirely a waste. Fish that dies contribute to the river ecosystem in a very important way. The nutrients they provide is the very bottom part of the food chain , providing food for everything that juvinile salmon eat.