That’s deep water, so the settings need to be adjusted vs shallower water. Btw, I’m assuming you are on down view vs. forward view and that the transducer has been clicked into the correct angle.
First, your gain is too low for that depth. Turn up your gain. Generally, deep water requires higher gain settings and shallow water lower gain settings. Suggest you play with the gain only after doing the things discussed below.
Next, turn down or turn off your noise reduction, which is reducing your ability to see very small baits at great depth.
Also, your range is set too high, compressing everything on the screen. Manually set your depth range to where the bottom is just barely showing above the tool bar on the lower part of your screen (ex. If fishing in 31’, manually set the depth to 32’). Do this every time you change depth. Don’t use auto depth feature when on ice. The default setting is reducing the detail the unit can show you.
Finally, you might need to adjust your transducer pole/stick, either rotating it until the lure is inside the long, narrow cone of the sonar signal or possiblY adjusting the stick to make sure it’s pointing straight down at your lure. If the stick is crooked due to snow or ice around the hole and not pointing directly at your lure then you may lose return signal that way. Also, rotating the transducer pole, which adjusts the attitude of the sonar signal, can mean the difference between seeing your bait clearly and not seeing your bait at all.
Try these things and see if they don’t help. You should be able to see the smallest tungsten fly at 31’ when your set-up has been optimized.
The Livescope ice bundle is amazing in what it will show you. Once you dial it in, you’ll be very happy with your investment.