In Minecraft versions since 1.8, water "effects" start rendering when the player's view is still above water. This is extremely jarring when bobbing up and down in water. The attachment image with the glowstone in hand is from the latest snapshot. The attachment with the taiga biome in background (generated in an older version) was taken in 1.7.10 (notice the bug is not present). The third screenshot was taken in 1.8.9, with the bug present.