What is the difference between freeze protection and burst protection in a water cooling system?

Freeze Protection requires a glycol concentration level sufficient to prevent the formation of ice crystals at the lowest temperature experienced by the fluid. Freeze protection is imperative when the system requires pumping. Slush is formed when you get colder than its freeze protection rating.

Burst Protection only requires a glycol concentration high enough (generally 30% by volume or more) to prevent bursting and other mechanical damage from freezing, but not necessarily high enough to keep the fluid pumpable. Burst protection requires less glycol than freeze protection and is suitable for chilled water systems that are dormant in the winter. As the temperature drops below the freezing point of the fluid in a system with burst protection, ice crystals begin to form, and the solution becomes a slush. The fluid expands as ice is formed. This mixture may or may not be pumpable, but it is fluid enough so that the excess volume flows into an expansion tank without damage to the system. As the temperature drops further and all the water freezes, the glycol will begin to freeze and contract.

Source: Dry Coolers