The Lumineers - Gale Song Lyrics Meaning

A man lost his love, probably broke up with her, let her go in some way--the woman moved on without him, but he's kept an eye on her.

Later, the man finds out that his love has broken up with her new lover--he consoles her (from afar) that her loneliness won't last and that even though they are still separated (geographically as well), he wants to be the one to console her, to be there for her. Throughout this whole time of being separated he never wanted his name to cause her pain.
And this time, she has broken this new man's heart, for she too knows the original man was the one she was supposed to end up with.

Maybe even--the man bleeds just as much as her other lover with the broken heart--he bleeds because he knows he was just as much a cause of the heartbreak as her--if he had just stayed with her originally, this other lover would have been spared.