Where did the water come from when the glaciers extended from the poles? It came from all over the place...its called the hydrological cycle. Water evaporated from the land...from plants...from lakes...but mostly from the oceans. It turned into water vapor...and into clouds...and fell as snow...and got locked into glaciers.
Once it was locked into glaciers THAT WATER was not FREE to be a part of the hydrological cycle any longer...but the cycle continued. So the sea level fell. It was like writing a check out of a checking account when you have no deposits. The balance dwindles.
Let me explain this by going to the extreme absurdity: Suppose we get hundreds of massive heated pipes and suck water out of the oceans and pump this water to the south pole. There...the water freezes. The water we pump out of the ocean will STAY at the south pole and just as if you are siphoning off a can of water...the sea level of the ocean will drop if we did this long enough...and we would have a massive sheet of ice 10 or 100's of miles thick at the south pole.
Right?
The sea level could not stay the same if we removed water from the ocean and froze it in Antarctica. That's what happens in an ice age...even though we are still dealing with the same amount of water...its just in a different form (solid...not liquid).
Now...what if we take giant blow torches to our ice? It melts...and rivers of liquid water flows back into the southern ocean...and the sea levels rise again.
Get it?
Seems reasonable. But -