My father in law thinks it’s for the following reasons:
Eyes are on top of their head and they naturally look up, so easier to suspend below with little movement and look up.
Easier to swim up then down, and better ambush position. Just like sharks.
Baitfish agsinst the bright ice or sky are easier to see from below.
More oxygen and springs in the deep water. They prefer colder more oxygenated water.
That’s what he told me icefishing one time when I asked.
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