GR translation: But it’s what’s dancing dead-white and scarlet at the edges of his sight

[Mike Jing]

V532.1-8, P540.40-541.7  When the lights come back on, Slothrop is on his
knees, breathing carefully. He knows he will have to open his eyes. The
compartment reeks now with suppressed light—with mortal possibilities for
light—as the body, in times of great sadness, will feel its real chances
for pain: real and terrible and only just under the threshold. . . . The
brown paper bundle is two inches from his knee, wedged behind the
generator. But it’s what’s dancing dead-white and scarlet at the edges of
his sight . . . and are the ladders back up and out really as empty as they
look?

What is implied in this part of the sentence, since it seems structurally
incomplete (I'm expecting a "that" clause at the end)? Or does "it" here
refer to something specific?
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