"Dinoflagellates use bioluminescence as a form of predator avoidance. That means that when a small fish tries to eat the algae, the algae produce this beautiful blue light that attracts bigger predators which instead eat the small fish."
Lots of info without clicking an an article
Edit - this link is more specific
"The dazzling display of bioluminescence goes hand in hand with what scientists call a “red tide.” It refers to a significant build-up of tiny organisms called dinoflagelattes, specifically the species Lingulodinium polyedra,"
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