When the player crouches, the held item is still rendered in the same place as if they were standing normally. This is visible in third person and in multiplayer.
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[media]
Confirmed, items do change their axis point like the player but stays in the same position as if standing.
Confirmed, items do change their axis point like the player but stays in the same position as if standing.
Resolving as a duplicate of MCPE-12097, in favor of the generalized report there.