Steps to reproduce
Have the camera in first person camera.
Hold large items. A totem or shield in the offhand, and a solid block or bucket in the right hand work well.
Enter dark water that is not exposed to the sky.
Expected results
The held items are shaded like the player.
Observed results
The held items turn bright blue.
Steps to do It:
Go To A Deep Dark Where There Is A Waterfall
Enter It, And That's It
It looks like the water fog is being applied to the held item instead of the water itself when the player is underground and under water.EDIT: The blue shading is always applied to held items (and rails, MCPE-223718), but when the player is exposed to the sky the blue gets washed out by the extreme sky brightness (MCPE-223276).