The most common and most likely answer to this crossword clue is the 8 letter word ICE-COLD
I've seen this crossword clue in Financial Times
I
C
E
-
C
O
L
D
Buddy explains!
The straight part
We know that "Baltic" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case baltic = ice-cold.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
What does ICE-COLD mean?
ICE-COLD adjective- As cold as ice; very cold.
- Without emotion; distant.