The transparent pars of the arrow texture(s) occasionally are displayed black. It seems like this happens only if no other entities are in view.
Items, XP orbs, and projectiles - texture issue
Arrow entities have black squares around them
Arrows rendered incorrectly when looking it at some point
Dark box around entities
Arrows are highlighted black from certain angles (arrow from skeleton)
Arrow sticking in block graphics is not right
Experience orbs occasionally have a black box around them