Greetings from Nebraska.
From your picture, I think most of the responses are spot on. I used to have this happen to me a lot. It can be very frustrating to say the least. Even though the solutions have already been presented, I'm going to add to the pile by explaining what was causing my problem and the steps I took to resolve it.
Most of my issues like this were caused by water penetrating the ends of the blank during wet sanding with MicroMesh. Either water soaking into the wood or somehow getting between the blank and the CA finish.
Here is what I did to resolve the situation. (Some of these steps are already part of my regimen, but I will include them as well, just to be concise in the steps that I take.
After turning I replace the "Turning Bushings" with "Non-Stick, HDPE Cone Shaped Bushings". Then I clean the blank with compressed air followed by wiping it down with denatured alcohol. This insures that any surface oils from the wood or from my finger prints is removed - done to prevent anything from impairing the adhesion of the CA. I let the blank spin dry for a good minute or two (not letting all of the alcohol evaporate before starting to apply CA has caused other issues for me in the past).
I start with a couple of applications of thin CA, no activator/accelerator, so that the CA can soak into the top layers of the wood to provide good adhesion. This is followed by a few thin coats of medium CA with activator/accelerator to build up some thickness.
Next, I take the blank off of the ""Non-Stick" bushings and I lightly sand off the CA that has built up on the ends. Either rubbing the blank ends against sandpaper on a hard flat surface or in my case by taking them back to the Blank Squaring jig and the disc sander -- making an extremely light pass, just enough to remove any CA buildup.
Since removing the buildup also exposes the end of the blank, I then apply a few drops of thin CA to a folded piece of paper towel to use as a blotter/applicator and with it laying on a flat surface I lightly press the ends of the blanks onto the blotter, giving them a little twist to make sure the ends get covered with a light coat of CA. After a minute or so, I sometimes repeat this step just as insurance, to make sure that it has created a seal between the CA on the end and the CA on the rest of the blank.
To further help keeping water from penetrating the end, I mount the blanks back on the mandrel using the Turning Bushings to help mask off the ends and help keep from exposing the ends to water as much as I can. This also helps me keep from rounding the ends over when I am sanding.
Anyhow, modifying my regimen to include this end-sealing step has virtually eliminated this problem for me.
Best Regards,
Dave
PS Any CA left behind on HDPE Non-Stick bushings will dissolve in Acetone, so when I take them off I drop them in a 4-oz jar of Acetone that I keep on my workbench. After a while (or the next time I'm in the shop), I fish them out of the jar with a toothpick and let them dry off on a piece of paper towel before putting them away. I've been using the same set for 3 or 4 years since starting this and the are still in near-new condition.