which means half-wave. We know that the water wave is repeating the above to describe the continuing water flow. So half-wave means that the water flow stops, no continuing, which is frozen ice.
The bronze script of the character is
The left part is character Water, the right part is half-wave, which means water is frozen to be ice.
The two big dots on the right may be an ice cubes because Chinese cut the ice to cubes and carry them home by horse, which could be stored in basement or a cave to keep food cold in summer.
The big seal script of the character is