Hmmmmm.......predators eyes don't glow. From this website......
https://io9.gizmodo.com/the-science-of-how-eyes-glow-in-the-dark-1600183971
Their eyes appear to us to glow when shining a light towards them because of a layer called the tapetum lucidum just behind the retina. This layer reflects light because that's exactly what it's meant to do. Cats, dogs, deer, and other nocturnal animals have good night vision because whatever the photo-receptor cells in their retina doesn't catch, hits the tapetum lucidum and takes a second pass at the retina again.
What we see as red eyes of predators at night is not a glowing eye, but light being reflected back at us as if from a mirror.
Unless and until Coyotes start shining flashlights towards what they think is another predator.....they won't see any red eyes blinking back at them either, so this pretty much blows up the blinking light theory.
Plus what the website above mentions, many of these predators have what is seen as built in night vision googles, so they can operate effectively at night. They would not just see the blinking light was we do......they would see the whole predator.