Looks to me like one of the fletches is going through the black hairs. As if the arrow was knocked upside down (cock pointing down and going through). I had a short case of "arrow knocking dislexia" last year during a mid day practice in the middle of hunting season. Couldn't figure out why all my shots were a pin or more low! Cock feather (fletch) was pointing down and hitting the black hairs instead of up and the other two fletches stradleing the black hairs.

That make sense?