Bhashya
आकाशे तत् ओतं च प्रोतं च- यदेतत् व्याकृतं सूत्रात्मकं जगत् अव्याकृताकाशे, अप्स्विब पृथिवीधातुः, त्रिष्वपि कालेषु वर्तते उत्पत्तौ स्थितौ लये च ॥
In plain words
That world is woven through space, crosswise and lengthwise. This visible world, threaded together the way it is, rests inside the unmanifest ether the way earthy silt rests suspended in water — and it stays that way through all three times: when it arises, while it lasts, and when it dissolves.
Close to the Sanskrit
In the ether, that is woven crosswise and lengthwise — that is, this manifest, thread-natured world exists in the unmanifest ether the way the earth-element exists in water, in all three times: at origination, at continuance, and at dissolution.