I view this song as a relationship between two people
"Water cool this bikes down you're so hot"
"Waves can break these feelings like there're not"
The relationship is probably based on attraction that has no feelings involved
" like a circle round and round we go" proves that they are in a relationship that is going no where.
"How did the water get so cold?"
They are realizing their attraction is not going to make the relationship last and they are starting to grow apart and lose interest
I view this song as a relationship between two people "Water cool this bikes down you're so hot" "Waves can break these feelings like there're not" The relationship is probably based on attraction that has no feelings involved " like a circle round and round we go" proves that they are in a relationship that is going no where. "How did the water get so cold?" They are realizing their attraction is not going to make the relationship last and they are starting to grow apart and lose interest