The particles from a spyglass have no texture. This is inconsistent with other items.
How to reproduce
Run the following command, or one here:
/summon minecraft:panda ~ ~ ~ {HandItems:[{id:"minecraft:spyglass"}]}
Wait until the panda begins to eat the spyglass
Notice that the particles have no texture
If the panda drops the spyglass before it eats, you'll have to run the command again to get another panda.
Video
A video of this issue can be found here:
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This can also be reproduced without using pandas by running the particle command and display the item
particle with the namespaced ID of the spyglass item:
/particle minecraft:item spyglass ~ ~2 ~ 1 1 1 0 30

Relates to MC-140136

I think it's hilarious how this just casually refers to a panda eating a spyglass as if it's a perfectly normal thing.

Bro it work in 1.18.1

This still affects the latest snapshot - here's a way to give yourself an edible spyglass using the new components system:
/give @s sweet_berries[item_model="minecraft:spyglass_in_hand"]
I think it may be worth having this issue reviewed, as both MC-276725 and MC-276737 (mark both as related) have been triaged, showing that there is renewed interest in fixing missing particle texture references in model files.
EDIT: in addition, the summary was changed after this issue was resolved, and the scope of this issue was effectively misrepresented. 24w36a onwards has provided many more ways in which this issue makes its presence known.

Here are some further commands that can be used to reproduce this issue:
New item particle format for 1.20.5+:
/particle minecraft:item{item:"minecraft:spyglass"}
Panda eating command:
/summon minecraft:panda ~ ~ ~ {HandItems:[{id:"minecraft:spyglass"}]}
Area effect cloud:
/summon minecraft:area_effect_cloud ~ ~ ~ {Particle:{type:item,item:"minecraft:spyglass"},Radius:10,Duration:200}
Sweet berries (can be eaten either by the player or a fox):
/give @s minecraft:sweet_berries[minecraft:item_model="minecraft:spyglass_in_hand"]
Throwable egg:
/give @s minecraft:egg[minecraft:item_model="minecraft:spyglass_in_hand"]
Fragile armor:
/give @s minecraft:iron_chestplate[item_model="minecraft:spyglass_in_hand",max_damage=1]
, equip, then break it