I had a "VERY" similar type shot on one earlier this year... she went approx. 150 yards, and really didn't start bleeding good until the last 50 yards or so. Also, as a side note: I was using a lighted nock. I knew it was a good shot, full pass thru. I was SURE I knew where the arrow was to begin my tracking. Well, where I thought it was, vs. where it actually hit dirt was at least 10 yards difference.
Without the nock, I would have had a hell of a time finding 1st blood, since it took a while for good blood.

Lesson learned: Your eyes can deceive you, and things always look different on the ground than in a tree.