The ice–ocean system is investigated on inertial to monthly time scales using winter 2009–10 observations from the first ice-tethered profiler (ITP) equipped with a velocity sensor (ITP-V). Fluctuations in surface winds, ice velocity, and ocean velocity at 7-m depth were correlated. Observed ocean velocity was primarily directed to the right of the ice velocity and spiraled clockwise while decaying with depth through the mixed layer. Inertial and tidal motions of the ice and in the underlying ocean were observed throughout the record. Just below the ice–ocean interface, direct estimates of the turbulent vertical heat, salt, and momentum fluxes and the turbulent dissipation rate were obtained. Periods of elevated internal wave activity were associated with changes to the turbulent heat and salt fluxes as well as stratification primarily within the mixed layer. Turbulent heat and salt fluxes were correlated particularly when the mixed layer was closest to the freezing temperature. Momentum flux is adequately related to velocity shear using a constant ice–ocean drag coefficient, mixing length based on the planetary and geometric scales, or Rossby similarity theory. Ekman viscosity described velocity shear over the mixed layer. The ice–ocean drag coefficient was elevated for certain directions of the ice–ocean shear, implying an ice topography that was characterized by linear ridges. Mixing length was best estimated using the wavenumber of the beginning of the inertial subrange or a variable drag coefficient. Analyses of this and future ITP-V datasets will advance understanding of ice–ocean interactions and their parameterizations in numerical models.