well, have you heard the term "cutting edge"? I would think that "bleeding edge" is derived from "cutting edge", the idea being that you are getting something just as it's being produced. com says : The position of greatest advancement or importance; the forefront: “California is on the cutting edge of trends that spread nationwide” for "cutting edge" and then for "cutting-edge" adj : in accord with the most fashionable ideas or style; "wears only the latest style"; "the last thing in swimwear"; "knows the newest dances"; "cutting-edge technology"; "a with-it boutique" i suppose the idea is that if something just came off of a production line something must have been cut or sliced freshly...
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