It's a combination of conditions. Most well water is poorly oxygenated, usually it needs a bubbler to build DO levels to saturation. If you treat the well water as many do, it's possible there's a ph or alkalinity problem. Lack of oxygen transfer through the skim can be problematic, also ammonia from the fish waste builds up under the ice instead of offgassing. The tried and true way to keep bait alive is a cheap bubbler, adds O2 and keeps the skim away.