When the Baudelaires escape the dark abyss of the ersatz elevator, they find themselves in the ruins of their home.
This abyss of being denied
Esmé’s evil ways, which created the ersatz elevator in the first place, also deny the Baudelaires of their safety because she lets Count Olaf, disguised as Gunther, back into the orphans' lives. The abyss symbolizes being denied for the Baudelaire orphans because Esmé Squalor denies them the love and security a guardian should provide when she pushes them down it.[2]
The line could also be referencing Esme feeling entitled to her hatred by being denied the Sugar Bowl.
Even in the deepest ocean There's a little moonlight
Merritt likely refers to moonlight instead of sunlight because the Baudelaires climb down the ersatz elevator at night. It also adds to the sinister tone of the song.[2]
This abyss, without a sound
When the Baudelaires initially descended the elevator, it was eerily silent.
Even in your bedroom shadows There is something moving
A possible reference to the sinister way in which volunteers of VFD are recruited- after they notice a noise outside their bedroom window, the children are kidnapped and dragged by the ankle into the night.
