With a high render distance; ice that is a long distance away has a visual effect that is similar to that of TV static. Moving the camera around makes the static jumble around. The closer you are to the ice, the less noticeable and the further you are, the more noticeable.

The visual settings that I used in this screenshot:

Render Distance: 72 Chunks

Fancy Leaves: ON

Fancy Bubbles: ON

Render Clouds: OFF

Beautiful Skies: ON

Smooth Lighting: ON

Fancy Graphics: ON

Tested the bug with all different visual settings but the big still persisted. Thought I'd still my settings in though. Set FOV to 30 to see it easier.