The ability for water to hold DO goes up quite a bit as the water cools. In the winter time the amount of DO the water can hold is so high that there rarely is an issue with lack of O2 for fish even in iced over ponds. Also, since they aren't moving or feeding normally, their need for O2 is way reduced. In winter, death from an iced over pond is usually caused by toxins in the water that can't be exchanged to the air fast enough due to ice conditions. The gases usually come from dirty ponds with lots of decomposing leaf and stick debris. Every case I've heard of heavy winter deaths was either due to lots of junk in the pond or a solid freeze of the pond top to bottom due to lack of depth. In addition, there is little plant activity to affect DO in the winter. So in cold weather DO stays high and doesn't fluctuate much hour by hour or day to day.
Here's a link to a DO vs. Temperature Chart.
http://www.google.com/imgres?imgurl...+chart+temperature&hl=en&sa=X&tbm=isch&itbs=1
In winter at around 40F(5C) water temperature the water can hold about 13mg/L but at 95F(35C) it can only hold about 7mg/L. So if Carp (Koi/goldfish) need about 5mg/L you can see how in the summer in high temps, it wouldn't take much of a swing to get down to critical levels.
In the summer, the amount of DO the water can hold is greatly reduced at high temperatures and the fish are now consuming much higher amounts of O2. In the summer the plants/algae play a critical role in DO. During the day plants make O2 and increase the DO in the water. But when the sun goes down, these same plants/algae now consume the O2 in the water. The plants can get by on much lower amoutns of O2 than the fish. When you hear of people having a large die off of fish in the summer and they say "they were fine last night and this morning all my favorite biggest fish are dead" this is usually, (not always), an indication of a DO issue. The biggest fish have the biggest O2 demand and usually will die first. As the bigger ones die, it makes it easier for the smaller ones to make it through the night. Once the sun comes up, the plants stop consuming O2, and they now make O2. The DO goes up and the pond looks fine to the owner. Usually this happens in ponds with high fish loads, and shallower ponds where the general water temperature can swing a lot in a day,
You can see in the DO chart linked in the previous posting above for my local, natural stream where DO can vary as much as 3-4 mg/L between day and night. That's a free flowing, constantly moving, 2-3 foot, usually cool temperature, fairly wide creek with lots of surface area, and many natural, bubbling areas for aeration. Think of how much more of a swing in DO you could get in a small pond, (